3M (MMM) Proxy filing summary

Executive summary

• Achieved strong 2025 results, surpassing three-year commitments, with robust free cash flow and $4.8B returned to shareholders via dividends and buybacks.

• Introduced 284 new products (up 68% from 2024), driving double-digit growth in new product sales and reinforcing innovation.

• Focus remains on organic growth, operational excellence, disciplined capital deployment, and portfolio management for long-term value.

• Board refreshment continued, with nine of ten nominees joining since 2021 and a new director, Neil Mitchill, standing for election.

Voting matters and shareholder proposals

• Shareholders will vote to elect 10 directors for one-year terms, ratify PwC as independent auditor for 2026, and approve executive compensation on an advisory basis.

• Board recommends voting “FOR” all proposals.

• Shareholder nominations, proxy access, and advance notice bylaw procedures are detailed for future meetings.

Board of directors and corporate governance

• Board is 90% independent, with diverse skills in leadership, finance, technology, supply chain, and risk management.

• Annual director elections, regular board refreshment, and robust self-evaluation processes are in place.

• Lead Independent Director has significant authority; all committees are fully independent.

• Board committees include Audit, Compensation and Talent, Nominating and Governance, and Science, Technology & Sustainability.

• Board oversees strategy, risk, succession planning, cybersecurity, AI, and sustainability.