Summary
This 8-K filing from 3M Company reports on changes to the compensation of its non-employee directors, effective July 1, 2005. The Board of Directors approved an increase in the cash portion of the annual retainer and the additional annual retainer for committee chairs. These adjustments are intended to maintain competitive compensation levels for the board members, aligning with industry standards. Specifically, the cash portion of the annual retainer for non-employee directors will increase from $55,000 to $75,000. The additional annual retainer paid to committee chairs will see a more substantial rise, from $7,000 to $15,000. The stock portion of the annual retainer remains unchanged at $95,000, meaning the total annual retainer for non-employee directors increases from $150,000 to $170,000.
Key Highlights
- 13M Company's Board of Directors approved changes to non-employee director compensation.
- 2The changes are effective as of July 1, 2005.
- 3The cash portion of the annual retainer for non-employee directors increased from $55,000 to $75,000.
- 4The additional annual retainer for committee chairs increased from $7,000 to $15,000.
- 5The portion of the annual retainer payable in common stock remains unchanged at $95,000.
- 6The total annual retainer for non-employee directors increased from $150,000 to $170,000.
- 7These adjustments aim to keep director compensation competitive.