Summary
This 8-K filing reports on the results of 3M Company's 2011 Annual Meeting of Stockholders held on May 10, 2011. The primary focus for investors is the overwhelmingly positive outcome for the election of directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor. All ten director nominees were elected by a majority of votes cast, and the appointment of the auditor for 2011 received strong support. Additionally, the filing provides insight into shareholder sentiment on executive compensation and corporate governance matters. Stockholders supported an annual advisory vote on executive compensation, indicating a desire for ongoing engagement on this topic. However, two shareholder proposals concerning political contributions and the company's role in the U.S. Chamber of Commerce were not approved, suggesting that the majority of shareholders did not favor these specific initiatives at the time.
Key Highlights
- 1All ten director nominees were elected for a one-year term with a majority of votes cast.
- 2PricewaterhouseCoopers LLP was ratified as 3M's independent registered public accounting firm for 2011.
- 3Stockholders approved the compensation of the Company's Named Executive Officers on a non-binding advisory basis.
- 4A majority of stockholders favored holding an advisory vote on executive compensation on an annual basis.
- 5A stockholder proposal regarding political contributions was not approved.
- 6A stockholder proposal requesting a review of the Company's role on the Board of the U.S. Chamber of Commerce was not approved.