CEO pay watch: Inge Thulin, 3M Co.
March 24, 2016 at 10:44PM
Total compensation: $15,620,581 for the year ended Dec. 31, 2015
Salary: $1,448,153
Non-equity incentive pay: $2,330,134
Other compensation: $723,685
Exercised stock options: $3,562,036
Value realized on vesting shares: $7,556,573
New stock options: 229,364
Total 2015 shareholder return: -5.9 percent
Note: Inge Thulin took home 9 percent less than he did in 2014 mainly because he earned a smaller bonus and he exercised fewer stock options.
3M had a busy year closing on three big acquisitions worth approximately $3.7 billion, investing another $1.5 billion in capital improvements including the opening of a new research and development facility in Maplewood, and returning $7.8 billion to shareholders via dividends and share buybacks.
But 3M's overall corporate results for 2015 came in shy of targets and Thulin's bonus was $1.2 million less than he received in 2014. The options that Thulin exercised in 2015 were granted in 2006; he realized about $1.3 million less from options exercises than in 2014.
Thulin's base salary rose about 4 percent and he earned $7.6 million from performance-based restricted shares that covered the years 2013 to 2015.
3M scores well in the annual nonbinding say-on-pay shareholder proposal, with 96 percent of shares voted last year to approve the proposal. The company still made changes to its executive compensation program in 2015, including reducing the maximum payout of executive bonuses from 300 percent of base salary to 200 percent and modifying the metrics used to determine annual bonuses and long-term equity awards.
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