exo-is/governance-reporting-on-listed-companies huggingface dataset:
Keyword: governance
and to providing leadership and advocacy in the field of the STS in the Corporate governance section.
of water resilience. As we work toward our goal to enhance the quality For information on overall enterprise risk, see
the Enterprise risk section.
of the water our manufacturing sites return to the
3M’s 2022 global manufacturing locations were
environment, our initial focus is on implementing
evaluated using the Aqueduct™ Water Risk Atlas
state-of-the-art water purification technology at the
stress-level screening tool, Aqueduct 3.0. Over 200
largest water use locations globally and having them
3M locations were analyzed, with 17 identified as
fully operational in 2024.
extremely high water-stressed areas. Manufacturing
locations include those with annual water use equal to
or greater than 1,000 cubic meters. The 17 locations
acc
Keyword: governance
Governance The highest level of climate risk governance is the responsibility of the 3M Science, Technology & Sustainability Committee of the Board of Directors. The
committee oversees the twin demands of developing products to meet the ever-changing needs of our customers while ensuring that those products cause
no harm to people or to our planet. The committee’s roles and responsibilities include reviewing the company’s policies and programs on sustainability and
assisting the Board in identifying and analyzing significant emerging science and technology, disruptive innovations, sustainability, materials vulnerability, and
geopolitical issues that may impact the company’s overall business strategy, global business continuity, and financial results.
Consulting with the company’s senior managem
Keyword: governance
Legal Affairs Officer, SVP & Chief Strategy Officer, and EVP Country Governance & Services.
Identification and Managing risk requires integrating a multidisciplinary, companywide risk identification, assessment, and management process. See the Enterprise risk
assessment section for details on the identification and assessment of the major risks facing the company.
Climate risk prioritization associated with physical impacts such as floods, drought, water scarcity, and shifting precipitation patterns is conducted annually
for 3M’s global manufacturing through the World Resource Institute’s (WRI) Aqueduct™ Water Risk Atlas stress-level screening tool, Aqueduct 3.0. Baseline
and three future scenario analyses include “optimistic” with emissions peaking and declining by 2040 with emissions constrained to stabilize at ~650
Keyword: governance
We believe this governance of risks by Board committees, who share information with the full Board, is appropriate for a diversified technology and
manufacturing company like 3M. 3M’s Annual Report on Form 10-K, Item 1A outlines risk factors applicable to the company.
Financial Financial opportunities include products and services, and resource efficiency. Access to dependable energy supplies and energy efficiency directly affects
opportunities all businesses and communities. Energy usage and climate concerns require systemic change. 3M is a science-based, diversified technology company
providing innovative solutions to address these and other physical climate opportunities. See our Global Impact Highlights brochure for product examples.
Metrics We have established
Keyword: governance
governance, including for employment, diversity, targeted raw material traceability and supplier
community-building, and risk mitigation. We expect performance assurance by 2025
our suppliers to be transparent about their related
practices and to work with us to transform our shared Completed over
value chain. We’re committed to responsible sourcing 457
and the conservation of natural resources, and we
assessments
recognize our responsibility to source from suppliers
that share those values.
Our impact
We understand that our sustainability impact extends
beyond our own operations. We participate in a
complex global supply chain, purchasing raw materials,
products, and services from companies all over the
world. And our suppliers have their own suppli
Keyword: governance
• Environment – Our suppliers are expected to be Implementation and governance
environmentally responsible in their operations by
identifying environmental impacts and minimizing 3M’s global Responsible Sourcing team, part of
effects on the community, environment, and the Strategic Sourcing and Packaging Solutions
natural resources. organization, implements our supplier risk assessment
and auditing program. It also helps assure that 3M
• Ethics – Our expectations align with the 3M Code
complies with all export, import, and trade compliance
of Conduct and hold our suppliers to the same
laws across our global business activities. Oversight
high standards. Suppliers must prohibit any form
is provided by Strategic Sourcing leadership and a
of bribery and corruption and prevent conflicts of
cross-functional executive comm
Keyword: governance
• Management systems – We expect our suppliers to We also have a robust governance framework that
operationalize their alignment with the SRC, as well guides our sustainability and EHS activities, with
as all legal requirements, and to commit to primary Board-level oversight by the 3M Board’s
continual improvement. Science, Technology & Sustainability Committee.
The Due Diligence Management System results are
In addition to following the SRC themselves, we provided to the cross-functional executive committee
expect our suppliers to establish aligned policies at least twice a year, and Strategic Sourcing leadership
and programs and to enforce them with their own is updated quarterly on the supplier risk assessment
suppliers, pushing our high sustainability standards and auditing program’s status and results.
up our supply
Keyword: governance
corporate staff group assesses 3M products for the consistent governance processes surrounding
The 3M product stewardship framework incorporates
potential to cause adverse health or environmental significant events and aligns with the Product Safety,
a robust life cycle approach to identify risk, assure
impacts. Toxicologists, scientists, and engineers in Compliance, and Stewardship Policy. PS events are
compliance, and manage the EHS profile of every
this group evaluate and communicate health-related reported monthly to executive leadership.
product. Product safety, quality, and stewardship must
information and conduct testing in our Strategic
always be primary considerations during the design,
Toxicology Laboratory or externally to ensure our
manufacturing, marketing, and sale of 3M products,
products are saf
Keyword: governance
2-9 Governance structure and composition 3M Board of Directors
3M Committee Composition
Corporate governance 37
Proxy Statement, Proxy highlights and Corporate governance at 3M
2-10 Nomination and selection of the highest governance body Corporate governance 37
Nominating and Governance Committee Charter
2-11 Chair of the highest governance body Michael F. Roman
Chief Executive Officer
Corporate governance 37
2-12 Role of the highest governance body in overseeing the 3M Corporate Governance Guidelines
management of impacts
Corporate governance 37
Enterprise risk 41
Leading with purpose 8
Proxy Statement, Board’s role in risk oversight
2-13 Delegating of responsibility for managing impacts Corporate governance 37
2-14 Role of the highest governance body i
Keyword: governance
n sustainability Corporate governance 37
reporting
Leading with purpose 8
2-15 Conflicts of interest 3M Company Code of Business Conduct and Ethics for Members of the Board
of Directors
Corporate Code of Conduct 43
Corporate governance 37Who we are How we work What we create Site spotlights About report GRI index | 3M 2023 Global Impact Report 128
Disclosure
Description Cross-reference (hyperlinks) or direct answer Page #
number
2-16 Communication of critical concerns Annual Report on Form 10-K, Item 1A
Corporate governance 37
Confidentiality constraints. This information is considered business confidential; critical
concerns would be taken into consideration during our Enterprise Risk Management
initiative: see the Enterprise risk section for additional information on our mec
Keyword: governance
2-17 Collective knowledge of highest governance body Proxy Statement, Director orientation and continuing education
Leading with purpose 8
2-18 Evaluation of the performance of the highest governance Proxy Statement, Board self-evaluation process
body
Nominating and Governance Committee Charter
2-19 Remuneration policies Compensation 56
Compensation and Talent Committee Charter
Proxy Statement, Director compensation and Executive compensation
2-20 Process to determine remuneration Compensation 56
Compensation and Talent Committee Charter
Proxy Statement, Director compensation and Executive compensation
2-21 Annual total compensation ratio Proxy Statement, Executive compensation – Pay ratio
Not applicable. Disclosure does not cover the specific impacts that make the topic
material. 3M ha
Keyword: governance
3-3 Management of material topics Corporate governance 37
207-1 Approach to tax Corporate governance 37
207-2 Tax governance, control, and risk management Corporate governance 37
207-3 Stakeholder engagement and management of concerns Corporate governance 37
related to tax
207-4 Country-by-country reporting Confidentiality constraints. This information is considered business confidential.
GRI 301 Materials 2016 - -
3-3 Management of material topics Circular materials 74
301-1 Materials used by weight or volume Information unavailable/incomplete. Material weight or volume by nonrenewable and
renewable categories for 3M’s 55,000 products (not including intermediates) is currently
not comprehensive. 3M is working to improve systems that help us collect this type of
information. Find more about ou
Keyword: governance
Corporate governance 37
Diversity, equity, and inclusion 33
405-1 Diversity of governance bodies and employees 3M Diversity, Equity & Inclusion (DEI) Report
Board of Directors
Corporate governance 37
Corporate Officers
405-2 Ratio of basic salary and remuneration of women to men 3M Diversity, Equity & Inclusion (DEI) Report
Compensation 56
Diversity, equity, and inclusion 33
GRI 406 Non-discrimination 2016 - -
3-3 Management of material topics Human rights 50
Respectful Work Environment Principle
406-1 Incidents of discrimination and corrective actions taken Confidentiality constraints. This information is considered business confidential: See the
Corporate Code of Conduct section for more information on the mechanism we use to
address and resolve discriminati
Keyword: governance
3-3 Management of material topics Corporate governance 37
Lobbying and Political Activities PrincipleWho we are How we work What we create Site spotlights About report GRI index | 3M 2023 Global Impact Report 139
Disclosure
Description Cross-reference (hyperlinks) or direct answer Page #
number
415-1 Political contributions Corporate governance 37
Lobbying and Political Activities Principle
Lobbying and Political Activities Governance
GRI 416 Customer health and safety 2016 - -
3-3 Management of material topics Innovation management 101
Product Safety, Quality, and Stewardship Principle
416-1 Assessment of the health and safety impacts of product and Innovation management 101
service categories
416-2 Incidents of non-compliance concerning the health and safety Significant legal actions for non
Keyword: governance
governance
Leadership Competitive behavior Antitrust and Competition Principle
and
Corporate Code of Conduct 43
governance
Leadership Management of legal and regulatory environmental Annual Report on Form 10-K, Item 1 – Raw materials; Item 1A – Risks Related to Our Products
and and Customer Preferences; and Item 8 – Note 16: Commitments and Contingencies.
governance
Environmental, health, and safety management 65
Leadership Critical incident risk management Corporate governance 37
and
Enterprise risk 41
governance
Environmental, health, and safety management 65
Leading with purpose 8
Suppliers 94
Leadership System risk management Annual Report on Form 10-K, Item 1A – Risks Related to Our Products and Customer
and Preferences and Note 16.
governance
E
Keyword: governance
In addition to metrics included in this report, supplementary metrics can be found in our accompanying ESG metric (.xls) file, including environmental, social, and governance
metrics, charts, and a glossary of terms.
Values reflect calendar years, which align with 3M’s fiscal years. Where attainable and justified, metrics are rounded to three significant figures. Some totaled metrics may
not match metrics summed together after rounding. Restatements are made when changes are + or - 5% of the original data point. For additional details about organizational
boundaries, data collection, adjustments, and verification, see the About report section.
Employee demographics
Metric Metric units RY-2022 RY-2021 RY-2020 2021-2022 Boundary & scope
annual
change, %
Global full-time equivalent employees Total number 91,600 94,700 95,500 -3.3 N/A
Global employee (headcount) Total number 92,100 95,300 96,100 -3.4 N/A
Full-time
Keyword: bribe
countries’ anti-bribery laws.
The Audit Committee helps the Board oversee 3M’s 3M offers a comprehensive online compliance training
The program consists of: legal and regulatory compliance efforts. This direct program to employees worldwide. Employees are
• A global code of conduct based on a core set of reporting line assures the independence of the Ethics assigned training modules based on their role and area
business conduct principles & Compliance Department, which is responsible for of responsibility. Most online courses, as well as our
overseeing and administering strategic, systemic, and annual Code of Conduct certification, are mandatory
• Awareness campaigns through education, training, operational components of 3M’s compliance program. for approximately
Keyword: bribe
employees, customers, vendors, and other external — one that’s agile and anticipates changes in both examples include Preventing Bribery & Corruption,
parties can report concerns and ask questions internal business strategy and the external landscape. Data Privacy, and Promoting Fair Competition. Each
(anonymously in most countries) Similar business conduct committees exist at country, course starts with a series of questions that identify
• Risk-based due diligence on business partners, regional, and area levels to prioritize and operationalize the employee’s knowledge level. The employee is then
potential acquisitions, equity investments, and compliance activities. presented with scenario-based questions tailored to
candidates for hiring and promoting this level. To successfully complete the course, the
The chief ethics & compliance officer provides employee must demonstr
Keyword: bribe
and our commitment to combat global bribery, the foundation of the company for more
principles, including Principle 10 on Anti-Corruption.
we have an online training course available in 22
Our commitment and involvement with the UNGC and than a century.
languages and a brochure available in 12 languages.
our community of peer companies provide us with the — Michael Duran, Senior Vice President and
opportunity to collaborate and share best practices Finally, the Ethics & Compliance Department Chief Ethics & Compliance Officer
related to work against corruption in all its forms. collaborates with 3M Legal Affairs on due diligence ”
Additionally, the compliance professionals on our team processes related to potential equity investments
regularly participate in, present at, and are memb
Keyword: bribe
all applicable anti-bribery laws, including the U.S.
and culture. Ultimately, the Ethics & Compliance
event to further build employee engagement around
Foreign Corrupt Practices Act, the U.K. Bribery Act,
Department is charged with conducting a risk review
the Code of Conduct and doing business the right
Brazil’s Clean Company Act, and local laws where
and taking any necessary remediation actions upon the
way. The virtual event engaged employees in business
3M operates. It applies to 3M employees as well as to
closing of every acquisition.
divisions and corporate functions around the theme
our business partners. In addition, 3M’s Anti-Bribery
“Unlocking the Value of Unwavering Integrity.”
Principle and anti-bribery policies and procedures have Assessments
been commun
Keyword: bribe
Bribery and Corruption training is required of most 3M’s Ethics & Compliance Department conducts The event featured Chairman and CEO Mike Roman
nonproduction employees, specifically employees in compliance and anti-bribery evaluations of various 3M discussing the importance and value of unwavering
higher-risk roles, including those in legal, audit, sales, businesses, business models, and locations each year. integrity. Tony Brown, 3M Board member and
marketing, export, and global trading. An evaluation includes a review of transactions and Audit Committee member, joined our chief ethics
supporting documentation of transfers of value to third & compliance officer, Michael Duran, for a fireside
3M’s commitment to anti-corruption is also reflected pa
Keyword: bribe
Act and other anti-bribery laws; international import and export requirements and trade sanctions compliance; regulations of the
U.S. Food and Drug Administration (FDA) and similar foreign agencies; U.S. federal healthcare program-related laws and regulations
including the False Claims Act, anti-kickback laws, and the Sunshine Act; and other matters. The Company is also subject to
compliance risks related to legal or regulatory requirements, contract requirements, policies and practices, or other matters that
require or encourage the Company and its suppliers, vendors, or channel parties, to conduct business in a certain way.
For a more detailed review of this topic, see the discussion in Item 8, Note 18: “Commitments and Contingencies” in 3M’s Annual
Report on Form
Keyword: bribe
of bribery and corruption and prevent conflicts of
topics such as Ethical Business Conduct, 3M Code of
Audit supply chain due diligence interest. The SRC outlines supplier expectations
Conduct Acknowledgement, and Human Trafficking
relating to grievance mechanisms. Anyone who has
Prevention.
a concern involving 3M can use 3MEthics.com as
an alternative way to report it, with an option for
Report anonymity in most countries.
Report on supply chain due • Management systems – We expect our suppliers to
diligence activities operationalize their alignment with the SRC, as well
as all legal requirements, and to commit to continual
improvement.
In addition to following the SRC themselves, we
expect our suppliers to establish aligned policies
and programs an
Keyword: corruption
anti-corruption, all to create a solid foundation for
Solventum — the new health care company — while
positioning 3M to move forward with strength and
confidence.
What’s next
In 2024, we’re taking action across the enterprise
to reinvent the company. 3M’s innovation engine is
strong and will remain the heart of our business as
we deliver value for our customers. In alignment with
this, we’re updating our approaches to employee and
workplace engagement and refining how we work
with customers, suppliers, and other partners. Our
sustainability strategy is evolving too.
Strategy and materiality
Our biannual materiality assessment, which gathers
insight into our stakeholders’ perspectives, is
underway and will help shape this evolution. We’ll
consider the late
Keyword: corruption
employees, customers, vendors, and other external — one that’s agile and anticipates changes in both examples include Preventing Bribery & Corruption,
parties can report concerns and ask questions internal business strategy and the external landscape. Data Privacy, and Promoting Fair Competition. Each
(anonymously in most countries) Similar business conduct committees exist at country, course starts with a series of questions that identify
• Risk-based due diligence on business partners, regional, and area levels to prioritize and operationalize the employee’s knowledge level. The employee is then
potential acquisitions, equity investments, and compliance activities. presented with scenario-based questions tailored to
candidates for hiring and promoting this level. To successfully complete the course, the
The chief ethics & compliance officer provides employee must demonstrate proficien
Keyword: corruption
anti-corruption Our commitment to unwavering integrity
To enhance our communications with third parties, in all that we do is clear and stems from
As a participant in the United Nations Global Compact
including our expectations of ethical business conduct the top of our organization. It has been
(UNGC), 3M is committed to supporting all its
and our commitment to combat global bribery, the foundation of the company for more
principles, including Principle 10 on Anti-Corruption.
we have an online training course available in 22
Our commitment and involvement with the UNGC and than a century.
languages and a brochure available in 12 languages.
our community of peer companies provide us with the — Michael Duran, Senior Vice President and
opportunity to collab
Keyword: corruption
related to work against corruption in all its forms. collaborates with 3M Legal Affairs on due diligence ”
Additionally, the compliance professionals on our team processes related to potential equity investments
regularly participate in, present at, and are members and mergers and acquisitions. These processes
of organizations and associations working to improve help identify risks in the target company before Global Ethics &
compliance controls and reduce legal risk. an acquisition or investment is initiated and help
Compliance event
accelerate our efforts to integrate an acquired
3M’s Code of Conduct requires compliance with
company’s employees into 3M’s compliance program
In 2023, we held a global Ethics & Compliance Day
all applicable anti-bribery laws, including the U.
Keyword: corruption
Bribery and Corruption training is required of most 3M’s Ethics & Compliance Department conducts The event featured Chairman and CEO Mike Roman
nonproduction employees, specifically employees in compliance and anti-bribery evaluations of various 3M discussing the importance and value of unwavering
higher-risk roles, including those in legal, audit, sales, businesses, business models, and locations each year. integrity. Tony Brown, 3M Board member and
marketing, export, and global trading. An evaluation includes a review of transactions and Audit Committee member, joined our chief ethics
supporting documentation of transfers of value to third & compliance officer, Michael Duran, for a fireside
3M’s commitment to anti-corruption is also reflected parties, complian
Keyword: corruption
• United Nations Convention Against Corruption
Further, the 3M Code of Conduct and its underlying
principles require compliance with all applicable laws
and respect for internationally recognized human
rights in all global operations.WWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Human rights | 3M 2024 Global Impact Report 46
Human rights in the and engage in collective bargaining, as permitted Our Modern Slavery Statement, the 3M Supplier
by applicable laws in the countries where 3M Responsibility Code, and our labor, employment, and
work environment
does business.” business conduct policies all reflect our commitment
to acting ethically and with integrity in our business
3M’s human resources principles, which have
Approximately 26% of
Keyword: corruption
of bribery and corruption and prevent conflicts of
topics such as Ethical Business Conduct, 3M Code of
Audit supply chain due diligence interest. The SRC outlines supplier expectations
Conduct Acknowledgement, and Human Trafficking
relating to grievance mechanisms. Anyone who has
Prevention.
a concern involving 3M can use 3MEthics.com as
an alternative way to report it, with an option for
Report anonymity in most countries.
Report on supply chain due • Management systems – We expect our suppliers to
diligence activities operationalize their alignment with the SRC, as well
as all legal requirements, and to commit to continual
improvement.
In addition to following the SRC themselves, we
expect our suppliers to establish aligned policies
and programs and to enforce th
Keyword: corruption
and anti-corruption. In 2014, we became a United
Nations Global Compact (UNGC) participant, thereby In this year’s report, we detail our efforts on our
committing to align our operations and strategies with 2022 materiality assessment. Before conducting
the UNGC Principles on business and human rights. this assessment, we reviewed and integrated SASB’s
approach to materiality and materiality map to help
prioritize the most important focus areas.
Contact 3M
It is through collaboration and partnerships that
3M can accelerate sustainability in our company to
improve every life. You can contact 3M Sustainability
at Sustainability@mmm.com.Who we are How we work What we create Site spotlights About report GRI index | 3M 2024 Global Impact Report 107
GRI index
Globa
Keyword: corruption
GRI 205 Anti-corruption 2016 - -
3-3 Management of material topics Corporate Code of Conduct 40
205-1 Operations assessed for risks related to corruption Corporate Code of Conduct 40
205-2 Communication and training about anti-corruption policies Corporate Code of Conduct 40
and procedures
Suppliers 79
205-3 Confirmed incidents of corruption and actions taken Corporate Code of Conduct 40
Confidentiality constraints. This information is considered business confidential: see the
Corporate Code of Conduct section for additional information on our mechanism used
to address and resolve corruption issues. Significant legal actions for non-compliance
with laws and regulations would be discussed in our Annual Report on Form 10-K, Item
8 – Note 18: Commitments and Conting
Keyword: corruption
to address and resolve corruption issues. Significant legal actions for non-compliance
with laws and regulations would be discussed in our Annual Report on Form 10-K, Item
8 – Note 18: Commitments and Contingencies.
GRI 207 Tax 2019 - -
3-3 Management of material topics Corporate governance 34
207-1 Approach to tax Corporate governance 34
207-2 Tax governance, control, and risk management Corporate governance 34
207-3 Stakeholder engagement and management of concerns Corporate governance 34
related to tax
207-4 Country-by-country reporting Confidentiality constraints. This information is considered business confidential.
GRI 301 Materials 2016 - -
3-3 Management of material topics Circular materials 64
301-1 Materials used by weight or volume Information unavailable/incomp
Keyword: tax
social value returns (increased wages, additional taxes
paid, avoided justice system costs, etc.).Who we are How we work What we create Site spotlights About report Communities | 3M 2024 Global Impact Report 26
Community outreach Environmental justice “
Summits like this create that space
At 3M, we believe those closest to a community’s In 2023, we defined our environmental justice
where we can come together and share
challenges are best equipped to design and inform ambition to “Deliver on our company promise by
perspectives across sectors.
the most equitable solutions. Championing the voices leveraging our expertise and capabilities alongside
and perspectives of community members and leaders community leaders to help solve some of the most — Garfield Bowen, Vice President,
helps us offer solu
Keyword: tax
Through engagement with our Board of Directors, Approach to risk management Day-to-day management of 3M’s taxes is overseen by
executive leadership team, and business units, and tax governance the tax management responsible for the respective
we’re working across 3M’s Strategic Sustainability region and area of taxation. Processes relating to
Framework to advance progress toward our At the highest level, responsibility for taxes resides various taxes are allocated to the relevant process
sustainability goals. Learn more in our 2024 Proxy with 3M’s Global Tax Department, based in our owners responsible for executing tax compliance
Statement, Board’s role in sustainability. headquarters in the United States. The senior vice controls. Appropriate training is carried out for staff
president for tax reports to 3M’s executive vice who manage or process ma
Keyword: tax
tters with tax implications.
Public policy engagement president and chief financial and transformation
officer and is a member of 3M’s Finance Committee. Transactions between 3M companies are
As a concerned member of our communities, 3M The Tax Operating Committee, under the leadership conducted on an arms-length basis in accordance
actively participates in public policy and legislative and direction of the senior vice president for tax, with appropriate transfer pricing rules. This assures
advocacy, or “lobbying.” We believe that transparency has oversight over the material tax matters of 3M’s 3M’s profits are taxed where economic activities are
with respect to the consideration, process, and worldwide business and supply chain. performed. Where there a
Keyword: tax
make efforts to give our shareholders useful and tax records on an ongoing basis to enable us to
information about our public policy engagement. meet our compliance obligations. In countries where Reporting tax concerns
we operate, we document and confirm with the
As with all instances of unethical or unlawful
See details in our 2024 Proxy Statement, our respective authorities. Where required, 3M assures
behavior, we encourage our employees to ask
Lobbying and Political Activities Principle, public disclosures are published according to
questions or report concerns about tax matters to
and our Lobbying and Political Activities the regulations.
management, 3M’s Ethics & Compliance Department,
Governance document.
3M legal counsel, 3MEthics.com, their assigned
human resources manager, 3M’s Cor
Keyword: tax
tax laws, rules, regulations, and reporting and
Learn more about reporting concerns about
disclosure requirements through the implementation
unethical or unlawful behavior in the Corporate Code
of standardized, simplified, cost-effective, and
of Conduct section.
automated compliance processes. This means paying
the right amount of tax in the right place at the right
3M’s attitude to tax planning
time and involves disclosing all relevant facts and $
circumstances to the tax authorities and claiming 3M engages in tax planning that’s aligned with its
reliefs, incentives, and exemptions in line with and in commercial business activities or supply chain needs
the spirit of the applicable tax legislation. In addition, and in compliance with tax rule
Keyword: tax
3M’s tax strategy is consistent with the principles set 3M may engage in tax planning or other activities
forth in 3M’s Code of Conduct. potentially perceived as tax planning. We do not
engage in artificial tax arrangements that lack
economic substance, one of the main purposes of
which would be to obtain a tax advantage. We may,
however, evaluate potential economic options
resulting from business transactions with consideration
of tax efficiency.WWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Corporate governance | 3M 2024 Global Impact Report 37
Risk management in relation to taxation
Our approach to tax risk follows principles similar
to those that apply to our management of legal,
compliance, and other business risks. Our internal
framework supports compliance wit
Keyword: tax
h tax laws and
regulations to assure we identify, assess, and mitigate
tax risks, including consideration of both internal and
external stakeholders.
Approach toward engagement
with tax authorities
We strive to have an open, honest, and collaborative
working relationship with tax authorities. 3M assures
that specific tax authorities are kept aware of
significant transactions and changes in the business
and seeks to discuss at an early stage any tax issues
that arise.
When submitting tax computations and returns to
country tax authorities, 3M discloses all relevant
facts and identifies any transactions or issues that we
consider to have potential for uncertain tax treatment.
We recognize there could be areas of differing legal
interpretations bet
Keyword: tax
ween 3M and tax authorities, and
where appropriate we’ll engage in proactive discussion
to conclude matters as quickly as possible.
Any inadvertent errors in the submission of tax returns
and tax computations are fully disclosed as soon as
reasonably practicable after they have been identified.WWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Enterprise risk | 3M 2024 Global Impact Report 38
Enterprise risk
Our commitment 3M believes that good corporate governance
practices serve the long-term interests of our
stakeholders, strengthen 3M’s Board of Directors
and management, and further enhance the public
To ensure 3M’s long-term success, we’re committed trust we’ve earned from more than a century of
to identif
Keyword: tax
involving product liability; antitrust; intellectual property; environmental, health, and safety; tax; the U.S. Foreign Corrupt Practices
Act and other anti-bribery laws; international import and export requirements and trade sanctions compliance; regulations of the
U.S. Food and Drug Administration (FDA) and similar foreign agencies; U.S. federal healthcare program-related laws and regulations
including the False Claims Act, anti-kickback laws, and the Sunshine Act; and other matters. The Company is also subject to
compliance risks related to legal or regulatory requirements, contract requirements, policies and practices, or other matters that
require or encourage the Company and its suppliers, vendors, or channel parties, to conduct business in a certain way.
For a more detailed review of this topic, see the discussion in Item 8, Note 18
Keyword: tax
GRI 207 Tax 2019 - -
3-3 Management of material topics Corporate governance 34
207-1 Approach to tax Corporate governance 34
207-2 Tax governance, control, and risk management Corporate governance 34
207-3 Stakeholder engagement and management of concerns Corporate governance 34
related to tax
207-4 Country-by-country reporting Confidentiality constraints. This information is considered business confidential.
GRI 301 Materials 2016 - -
3-3 Management of material topics Circular materials 64
301-1 Materials used by weight or volume Information unavailable/incomplete. Material weight or volume by nonrenewable and
renewable categories for 3M’s 55,000 products (not including intermediates) is currently
not comprehensive. 3M is working to improve systems t
Keyword: tax
engaged enterprise risk, finance, tax, Corporate Audit and other teams across the organization Apex has implemented a Code of Ethics across the business to maintain high ethical
to better align with future integrated reporting. The company has developed guidance for standards among staff in their day-to-day business activities.
responding to customer inquiries on sustainability issues and uses this guidance for responding
to other groups as well. Responses to external reporting surveys are coordinated by theWho we are How we work What we create Site spotlights About report Assurance statement | 3M 2024 Global Impact Report 126
The assurance team has extensive experience in conducting assurance over environmental,
social, ethical and health and safety information, systems and p
Keyword: governance
Mike Roman, Chief 3M at a glance 7 Corporate governance 34 Innovation Aycliffe, U.K. 98 About report, scope,
Executive Officer 3 management 85 and boundaries 103
Leading with purpose 8 Enterprise risk 38 Chiba, Japan 99
Gayle Schueller, Chief S ustainability goals Customer-inspired GRI index 107
Corporate Tilloy, France 100
Sustainability Officer 3 and progress 11 innovation 93
Code of Conduct 40 SASB index 121
Looking ahead 4 Communities 24
Human rights 45 Assurance
Diversity, equity, statement 124
Compensation 50
and inclusion 30
Metric tables 128
Employee programs 52
Environmental,
health, and safety
On the cover
management 57
Stockholm, Sweden, host of the annual Circular materials 64
World Water Week. At the event in 2023,
the Water Resilience Coalition held a Climate 70 Visit us online
wo
Keyword: governance
governance (ESG) metrics.
fundamental strengths of technology, manufacturing,
global capabilities, and our brand with customers.
These strengths define us as an enterprise and
Our impact
combine to build a business greater than the sum of
its parts.
We possess a deep understanding of what
We use a science-based approach to reimagine what’s
differentiates us in our performance across every
possible as we rise to the most critical challenges facing
business in our enterprise. It truly reflects how we’re
our planet and its people — focusing our efforts where
linked together in our portfolio, even while operating
we can make the greatest impact. As these challenges
in multiple industries and countries. Read about 3M’s
evolve, we’re accelerating our explo
Keyword: governance
possible collaborations and strategic relationships. Investors and shareholders • Meet with shareholders to learn about their perspectives on governance and
sustainability issues
We believe stakeholder engagement should be
• Disclose timely, relevant information related to economic, environmental, and
based on candid and authentic dialogue and should social governance issues
help us evolve our strategic priorities. Stakeholder
• Respond to inquiries
engagement varies greatly by geography, type,
Customers and partners • Capture the voice of the customer to inspire next-generation innovation
and function.
• Provide diverse product solutions with sustainability attributes
• Support customers in their efforts to drive sustainability up their supply chain
Government/regulators, • Partner and collaborate with organizations on sustainability initiatives and events
nonprofits, NGOs, and experts
•
Keyword: governance
2 Responsible sourcing environmental and social governance, including for 3M named as one of the World’s
and supplier employment, diversity, community-building, and risk Most Ethical Companies by 16.5, 16.7
sustainability mitigation, and to work with us to transform our shared value Ethisphere Institute in 2023 for
chain. Through our policies, processes, and programs, we 10th consecutive year
continually work with suppliers to minimize negative effects Supplier Diversity
3 Supplier diversity
on the community, environment, and natural resources while
protecting the health and safety of workers and the public.
2 Community health, We identify potential risks to the environment and to the EHS Management Standard Invest cash and products for
safety, and well-being health and safety of our employees and
Keyword: governance
policy, and committee members, working group members, and speakers Governance
engagement to or presenters at various organizations.
Lobbying and Political
support and promote
As a member of the Water Resilience Coalition leadership Activities Principle
social justice, science,
committee, 3M aims to provide leadership and advocacy in
health, environment, State of Science Index Survey 17.14
the field of water resilience.
and safety
We advocate for inclusion by building inclusive behaviors
and creating cultural agility through inclusion events and
activities as well as training and leadership development
programs.Who we are How we work What we create Site spotlights About report Leading with purpose | 3M 2024 Global Impact Report 22
Sustainability priorities (cont.)
Science for Community
Tier Topic Our actions Policies
Keyword: governance
In-depth qualitative interviews with external Report governance
solve climate, health, and safety challenges being
stakeholders were conducted to vet the priority topics
the most material to 3M Data provided in this Global Impact Report includes
that emerged from the survey analysis. They generally
information focusing on items with high potential
• New topics included product innovation to agreed with the placement of Tier 1 topics but felt that
to impact 3M’s reputation and items that are of
solve climate, health, and safety challenges; the following Tier 2 and 3 topics were worthy of
the greatest importance to internal and external
safety of products and services; R&D; designing higher priority:
stakeholders as defined by the materiality assessment.
products with less or no waste; employee training,
Keyword: governance
revolved around restoring natural ecosystems, and Learn more about 3M’s overall governance in
innovation and have achieved notable milestones
many of our partnerships have been a channel for us to the Corporate governance section.
in innovating for sustainability, we’re positioned to
support and invest in similar nature-based solutions. In
reinvent our impact in the coming months and years.
our communities, projects have been funded by 3M,
while we’ve partnered with Earthworm Foundation to
implement projects in our supply chain.
In addition, in recent years we’ve seen a growing
While we’re always engaged in product innovation and have achieved notable
demand for more transparency and greater data
milestones in innovating for sustainability, we’re positioned to reinvent our impact in
granularity in our reporting, decision-making
Keyword: governance
inclusion governance
Our impact
To foster a workplace that reflects the 3M Respectful
Work Environment Principle, we follow U.S. Equal
Employment Opportunity (EEO) policies, which
We advance meaningful actions toward a more prohibit all forms of discrimination or harassment
equitable future for our employees around the world, against applicants, employees, vendors, contractors,
including training, development, and recruitment or customers on the basis of race, color, creed,
efforts focused on underrepresented populations. religion, sex, national origin, age, disability, veteran
We foster an inclusive culture that provides fair and status, pregnancy, genetic information, sexual
equal opportunities for everyone. And we continue our orientation, marital status, c
Keyword: governance
Corporate governance 34
Enterprise risk 38
Corporate Code of Conduct 40
Human rights 45
Compensation 50
Employee programs 52
Environmental, health,
and safety management 57
Circular materials 64
Climate 70
Suppliers 79WWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Corporate governance | 3M 2024 Global Impact Report 34
Corporate governance
Our commitment Our corporate governance principles define the roles,
rights, and responsibilities of different groups within
3M, as well as of our Board of Directors.
3M believes that good corporate governance Governance oversight
practices serve the long-term interests of
shareholders, strengthen the Board and management, 3M’s Board of Directors comprises a diverse group
and f
Keyword: governance
Our corporate governance principles govern how 3M
for our overall environmental, social and governance
does business daily, enabling us to outperform and
(ESG) and human resources strategies, goals, and
lead the way to sustainable growth.
results, including sustainability, environmental
stewardship, and diversity, equity, and inclusion; and
reviews and assesses management’s approach to
addressing significant risks facing the company.
3M’s Board of Directors has adopted Corporate
Governance Guidelines that provide a framework
for the effective governance of the company. The
guidelines address matters such as the respective roles
and responsibilities of the Board and management,
the Board’s leadership structure, the responsibilities of
the lead independent director,
Keyword: governance
committee evaluation process.WWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Corporate governance | 3M 2024 Global Impact Report 35
3M’s Proxy Statement provides annual updates on Sustainability governance
governance topics, including:
• Qualifications, experiences, and diversity of our Group Function
Board members
Board of Directors • Receives regular sustainability updates at Board meetings
• Director independence • Reviews sustainability-related risks as part of 3M’s enterprise risk program
• Board and committee leadership structure, Board Science, Technology & Sustainability • Provides primary oversight of 3M’s sustainability and stewardship
refreshment, and Board committee composition and Committee of the Board of Directors activities, including environmental and product stewardship efforts and
responsibilities legal and regulator
Keyword: governance
More information on 3M’s corporate governance can
Enterprise Operations, EVP & Chief Counsel Enterprise Risk Management,
be found at: EVP & Chief Legal Affairs Officer, SVP & Chief Sustainability Officer, SVP
Environmental Stewardship, and SVP Global Chemical Operations
• Corporate Officers
Chief Sustainability Officer • Leads 3M’s sustainability activities
• Board of Directors
• Reports to the Environmental Responsibility and Sustainability Committee
• Committee Composition
and other internal and external groups
• Governance Documents Sustainability leaders in business • Drives Strategic Sustainability Framework priorities and initiatives
groups, areas, and enterprisewide consistent with the scope of their role
• Certificate of Incorporation and Bylaws
• Leads customer relationships
Keyword: governance
• Corporate Governance Guidelines
• Board of Directors Code of Conduct
• Director Independence Guidelines
• Annual Reports & Proxy Statements
• Investor RelationsWWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Corporate governance | 3M 2024 Global Impact Report 36
Through engagement with our Board of Directors, Approach to risk management Day-to-day management of 3M’s taxes is overseen by
executive leadership team, and business units, and tax governance the tax management responsible for the respective
we’re working across 3M’s Strategic Sustainability region and area of taxation. Processes relating to
Framework to advance progress toward our At the highest level, responsibility for taxes resides various taxes are
Keyword: governance
Governance document.
3M legal counsel, 3MEthics.com, their assigned
human resources manager, 3M’s Corporate Audit
3M’s approach to taxation
Department, or the Audit Committee of the Board
3M is committed to complying with all applicable of Directors.
tax laws, rules, regulations, and reporting and
Learn more about reporting concerns about
disclosure requirements through the implementation
unethical or unlawful behavior in the Corporate Code
of standardized, simplified, cost-effective, and
of Conduct section.
automated compliance processes. This means paying
the right amount of tax in the right place at the right
3M’s attitude to tax planning
time and involves disclosing all relevant facts and $
circumstances to the tax authorities and claiming 3M eng
Keyword: governance
of tax efficiency.WWhhoo wwee aarree HHooww wwee wwoorrkk WWhhaatt wwee ccrreeaattee Site spotlights About report Corporate governance | 3M 2024 Global Impact Report 37
Risk management in relation to taxation
Our approach to tax risk follows principles similar
to those that apply to our management of legal,
compliance, and other business risks. Our internal
framework supports compliance with tax laws and
regulations to assure we identify, assess, and mitigate
tax risks, including consideration of both internal and
external stakeholders.
Approach toward engagement
with tax authorities
We strive to have an open, honest, and collaborative
working relationship with tax authorities. 3M assures
that specific tax authorities are kept aware of
significant transactions and changes in the business
and seeks to discuss at an early stage any tax issues
that arise.
When submitting tax