Summary
This 8-K filing from 3M Company (MMM) details the results of their Annual Meeting of Stockholders held on May 14, 2019. The meeting saw the election of all twelve director nominees for a one-year term, with substantial support from shareholders. Additionally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2019 was overwhelmingly ratified. Shareholders also provided advisory approval for the compensation of the Company's Named Executive Officers.
Key Highlights
- 1All twelve director nominees were elected to the Board of Directors for a one-year term with strong majority support.
- 2The appointment of PricewaterhouseCoopers LLP as 3M's independent registered public accounting firm for 2019 was ratified by a significant majority of votes.
- 3Shareholders provided advisory approval for the compensation of 3M's Named Executive Officers.
- 4A stockholder proposal regarding setting target amounts for CEO compensation was *not* approved, receiving a majority of 'AGAINST' votes.
- 5The company had a substantial number of broker non-votes (over 108 million) across most proposals, indicating a portion of shares were not voted by their beneficial owners.
- 6Abstentions on the CEO compensation proposal were counted as 'AGAINST' the proposal, contributing to its failure to pass, as per Delaware General Corporation Law.