Michael Roman
3M Co.
Chairman and chief executive

Total compensation: $6,825,832 for the year ended Dec. 31

Salary: $1,299,948

Non-equity incentive pay: $1,582,901

Other compensation: $106,513

Exercised stock options: $1,336,651

Value realized on vesting shares: $2,499,819

New stock options: 231,768

CEO pay ratio: 308 to 1

Median employee pay: $67,109

Total 2020 shareholder return: 2.8%

Note: Roman's realized compensation of $6.8 million fell 3% from 2019. While the pandemic did affect 3M's financial performance throughout the year, the compensation committee of its board of directors elected not to adjust financial incentive targets that were previously set. The committee also made no changes to compensation design for 2021.

A note in the company's proxy stated, "Although the Compensation Committee believes that the pandemic had a significant, adverse impact on the ability of executives to meet certain performance goals, the Committee determined not to adjust the targets or payouts for any of the Named Executive Officers. Similarly, the Committee determined not to make any design changes to the Company's 2021 executive compensation program based on the pandemic. The Committee believes this approach is consistent with the Company's pay-for-performance philosophy."

The annual incentive targets at 3M are based on business goals, including on sales and profits and individual performance. For Roman, business goals performance came in at 71% of target. He and other executives also earned bonuses for achieving individual performance goals, which include a mix of quantitative and qualitative measures.

Patrick Kennedy