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MMM > SEC Filings for MMM > Form 8-K on 12-Aug-2014All Recent SEC Filings

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Form 8-K for 3M CO


12-Aug-2014

Change in Directors or Principal Officers, Financial Statements and Exhibits


Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On August 11, 2014, the Board of Directors of 3M Company (the "Company") elected Sondra L. Barbour to the Company's Board of Directors, effective August 11, 2014. Ms. Barbour is Executive Vice President, Information Systems & Global Solutions, of the Lockheed Martin Corporation. In connection with Ms. Barbour's election, the Board of Directors increased its size from 9 to 10 directors, and Ms. Barbour joined the Board of Directors to fill the resulting vacancy.

The Board of Directors has determined that Ms. Barbour is an independent director under the New York Stock Exchange listing standards and the Company's independence guidelines, as set forth in its Corporate Governance Guidelines (available on 3M's Web site at www.3M.com, under Investor Relations - Corporate Governance).

Ms. Barbour will participate in the compensation program for non-employee directors as described below:

As approved by the Board of Directors in May 2014, the annual compensation for non-employee directors is $270,000 effective January 1, 2014, of which the annual cash retainer of $120,000 is payable in cash in four quarterly installments and the annual stock retainer of $150,000 is payable in 3M common stock after the Annual Meeting of Stockholders.

The Board has appointed Ms. Barbour to the Audit and Finance committees of the Board of Directors. The Board of Directors has determined that Ms. Barbour is "financially literate," and has "accounting or related financial management expertise" under the New York Stock Exchange listing standards. The Board has also determined that Ms. Barbour is an "audit committee financial expert" as that term is defined by applicable SEC regulations.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number Description

99 Press Release, dated as of August 11, 2014, of 3M Company

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