Proxy Blog

3M Company 

April 18, 2021

The annual proxy for this consumer goods company had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Board proposal on long-term incentive plan 
  3. Shareholder proposals on setting target amounts for CEO compensation and public benefit corporation 

Magni voted as follows: 

  1. For proforma proposals.
    Directors – The disclosures meet the criteria in Magni’s policy on election of directors
    -Auditors – The company meets the criteria in Magni’s policy on auditor ratification.
    -Advisory vote – The disclosures meet the criteria in Magni’s policy on the advisory vote. 
  2. For board proposal – Per Magni policy, Magni votes in favor of many of these proposals. 
  3. Against the shareholder proposals.
    Setting target amounts for CEO compensation – This proposal is the same as last year’s proposal. Magni generally supports a board’s decisions on compensation. This company discloses a process consistent with our policy so there is no need to support this proposal.
    -Public benefit corporation – The shareholder proposal seeks to have the company change its registration to a public benefit corporation. Such a change would require the company to be explicit in how it manages its shareholder relationships. Well governed companies usually do a better job of managing those relationships. Since the proposal does not identify any deficiencies in existing stakeholder management by the company, we voted against this proposal