INDIANAPOLIS & ST. PAUL, Minn.--(BUSINESS WIRE)--
3M Chairman, President and CEO Inge G. Thulin today highlighted the
company’s 2016 performance and progress in executing the 3M Playbook.
Thulin addressed 3M’s 2017 Annual Meeting of Shareholders in
Indianapolis, Ind.
“In 2016 we executed the 3M Playbook and delivered a great operational
performance, while making investments to prepare us for the future,”
said Thulin. “We are evolving into a stronger enterprise that is well
positioned to create even greater value for our customers and
shareholders in 2017 and beyond.”
Thulin told shareholders 3M is investing for long-term success through
its three key levers of the 3M Playbook – Portfolio Management,
Investing in Innovation, and Business Transformation.
In 2016, 3M strengthened its portfolio via divestitures of non-core
businesses along with internal business consolidations to enhance the
company’s scale and relevance to customers. 3M invested $1.7 billion,
nearly 6 percent of sales, in research and development to support its
growth and return objectives. Progress in business transformation
initiatives continued, enabling the company to serve customers with even
greater efficiency and agility. The company also marked its 100th
consecutive year of paying dividends to its shareholders.
Preliminary Shareholder Voting Results
3M shareholders today
elected the 11 nominees to the company’s Board of Directors for a
one-year term that expires at the 2018 Annual Meeting by the vote of the
majority of votes cast:
-
Sondra L. Barbour, retired executive vice president, Information
Systems and Global Solutions, Lockheed Martin Corporation
-
Thomas “Tony” K. Brown, retired group vice president, Global
Purchasing, Ford Motor Company
-
Vance D. Coffman, retired chairman of the board and CEO, Lockheed
Martin Corporation
-
David B. Dillon, retired chairman of the board and CEO of The Kroger
Co.
-
Michael L. Eskew, retired chairman of the board and CEO, United Parcel
Service, Inc.
-
Herbert L. Henkel, retired chairman of the board and CEO,
Ingersoll-Rand plc
-
Muhtar Kent, chairman of the board and retired CEO, The Coca-Cola
Company
-
Edward M. Liddy, retired chairman of the board and CEO, The Allstate
Corporation
-
Gregory R. Page, retired chairman of the board and CEO, Cargill,
Incorporated
-
Inge G. Thulin, chairman of the board, president and CEO, 3M Company
-
Patricia A. Woertz, retired chairman of the board and CEO,
Archer-Daniels-Midland Company
Shareholders ratified the appointment of PricewaterhouseCoopers LLP as
3M’s independent registered public accounting firm for 2017.
Shareholders approved, on an advisory basis, executive compensation as
described in the proxy statement.
Shareholders indicated a preference for future advisory votes on
executive compensation every year.
Shareholders did not approve the shareholder proposal on the
implementation of Holy Land Principles.
3M will disclose the final voting results on each item of business
properly presented at the Annual Meeting on Form 8-K to be filed with
the SEC.
Forward-Looking Statements
This news release contains
forward-looking information about 3M's financial results and estimates
and business prospects that involve substantial risks and uncertainties.
You can identify these statements by the use of words such as
"anticipate," "estimate," "expect," "aim," "project," "intend," "plan,"
"believe," "will," "should," "could," "target," "forecast" and other
words and terms of similar meaning in connection with any discussion of
future operating or financial performance or business plans or
prospects. Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic, political, and
capital markets conditions and other factors beyond the Company's
control, including natural and other disasters or climate change
affecting the operations of the Company or its customers and suppliers;
(2) the Company's credit ratings and its cost of capital; (3)
competitive conditions and customer preferences; (4) foreign currency
exchange rates and fluctuations in those rates; (5) the timing and
market acceptance of new product offerings; (6) the availability and
cost of purchased components, compounds, raw materials and energy
(including oil and natural gas and their derivatives) due to shortages,
increased demand or supply interruptions (including those caused by
natural and other disasters and other events); (7) the impact of
acquisitions, strategic alliances, divestitures, and other unusual
events resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring; (8)
generating fewer productivity improvements than estimated; (9)
unanticipated problems or delays with the phased implementation of a
global enterprise resource planning (ERP) system, or security breaches
and other disruptions to the Company's information technology
infrastructure; (10) financial market risks that may affect the
Company’s funding obligations under defined benefit pension and
postretirement plans; and (11) legal proceedings, including significant
developments that could occur in the legal and regulatory proceedings
described in the Company's Annual Report on Form 10-K for the year ended
Dec. 31, 2016, and any subsequent quarterly reports on Form 10-Q (the
“Reports”). Changes in such assumptions or factors could produce
significantly different results. A further description of these factors
is located in the Reports under "Cautionary Note Concerning Factors That
May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly
Reports). The information contained in this news release is as of the
date indicated. The Company assumes no obligation to update any
forward-looking statements contained in this news release as a result of
new information or future events or developments.
About 3M
At 3M, we apply science in collaborative ways to
improve lives daily. With $30 billion in sales, our 90,000 employees
connect with customers all around the world. Learn more about 3M’s
creative solutions to the world’s problems at www.3M.com
or on Twitter @3M or @3MNewsroom.
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Source: 3M