2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 200 CHURCH & DWIGHT CO. FORTIVE CORPORATION GOLDMAN SACHS GROUP, INC. MARATHON PETROLEUM CORPORATION C O. CORPORATEGOVERNANCE The Governance & Nominating Committee recommends to our Board of Directors candidates for nomination to our Board of Directors. When consideringindividualsto recommend for nominationas directors, the Governance & Nominating Committee seeks persons with diverse backgrounds who possess the following characteristics: integrity, education, commitment to our Board of Directors, business judgment, business experience, accounting and financial expertise, diversity, reputation, civic and community relationships, high performancestandards,andtheabilitytoactonbehalfofstockholders. As highlighted in our Corporate Governance Guidelines, the Board values diversity and recognizes the importance of having unique and complementary backgrounds and perspectives in the board room. The Board endeavors to include diverse skills, professional experience, perspectives, age, race, ethnicity, gender and cultural backgrounds that reflect our consumer and investor base, and to guide the Company in a way that reflects the best interests of all of our stockholders. Although the Board does not establish specific goals with respect to diversity, the Board’s overall diversity is a significant consideration in the Director nomination process. The Governance & Nominating Committee reviews the Director nominees (including any stockholder nominees) and ascertains whether, as a whole, they meet the Corporate Governance Guidelines in this regard. For this year’s election, the Board has nominated four individuals who bring valuable diversity to the Board. Their collective experience covers a wide range of roles, geographies, and industries. Of these four Director nominees one is a woman and one is ethnically diverse. The Board also believes that tenure diversity should be considered in order to achieve an appropriate balance between the detailed Company knowledge and wisdom that comes withmanyyearsof serviceandthefresh perspectiveof newerBoardmembers. Webelievethat ourcurrentBoard has an appropriate balance of experienced and new Directors, with tenure of the current Directors averaging nine years. The Governance & Nominating Committee balances these considerations when assessing the composition of our Board of Directors. The Governance & Nominating Committee may engage the services of third party searchfirmstoassistinidentifyingandassessingthequalificationsofdirectorcandidates. The Governance & Nominating Committee will consider recommendations for director candidates from stockholders. Stockholder recommendations of candidates should be submitted in writing to: Church & Dwight Co., Inc., Princeton South Corporate Park, 500 Charles Ewing Boulevard, Ewing, New Jersey 08628, Attention: Secretary. In order to enable consideration of a candidate in connection with the 2019 Annual Meeting of Stockholders, a stockholder must submit the following information by November 23 , 2018: (i) the name of the candidate and information about the candidate that would be required to be included in a proxy statement under the rules of the SEC; (ii) information about the relationship between the candidate and the recommending stockholder; and (iii) the written consent of the candidate to be named in the proxy statement and to serve as a director if elected. In considering any candidate proposed by a stockholder, the Governance & Nominating Committee will reach a conclusion as to whether to recommend such candidate to our Board of Directors based on the criteria described above. The Governance & Nominating Committee may seek additional information regarding the candidate. After full consideration, the stockholder recommending the candidate will be notified of the decision of the Governance & Nominating Committee (and of our Board of Directors, if the candidate is recommended to our Board of Directors for consideration). The Governance & Nominating Committee will considerallpotentialcandidatesinthesamemannerregardlessofthesourceoftherecommendation. Executive Committee. The Executive Committee may exercise the authority of our Board of Directors, except as specifically reserved by Delaware law to our Board of Directors or as our Board of Directors otherwise provides. SUCCESSIONPLANNING Our Board of Directors recognizes that one of its most important duties is to ensure excellence and continuity in our senior leadership by overseeing the development of executive talent and planning for the effective succession of the Chairman of our Board of Directors and our CEO and other senior members of executive management. Our succession planning process was evidenced in January 2016 when Matthew T. Farrell, our former Executive Vice President, Chief Operating Officer, and Chief Financial Officer, succeeded Mr. Craigie as our President and CEO; Richard A. Dierker, our former Vice President, Corporate Finance, Church&DwightCo. | 2018ProxyStatement 21 Total of 02 pages in section CorporateGovernance RiskCommittee TheCompany’sRiskCommittee(consistingofmembersofseniormanagement)inventories,assessesandprioritizesthe mostsignificantrisksfacingtheCompanyaswellasrelatedmitigationefforts,and,onatleastanannualbasis,providesa reporttotheBoardandprovidesareportoftheprocesstotheAuditCommittee. ManagementSuccessionPlanning TheentireBoardoverseestherecruitment,development,andretentionofourexecutiveofficers,includingoversightof managementsuccessionplanning.Inadditiontotheformalactivitiesnotedbelow,theBoardanditscommitteemembers engageandassessourexecutiveofficersandhigh-potentialemployeesduringmanagementpresentations,ourannual multi-dayleadershipconference,andperiodicinformalmeetings. BOARDMEETINGDATE ACTIVITY SUCCESSIONPLANNINGIMPACT January EmployeeEngagement andOrganizational EffectivenessUpdate Reviewingemployeeengagementandoverallorganizational effectiveness April EnterpriseRisk AssessmentReport Oversightonriskandmitigationeffortsrelatingtotalent recruitment,developmentandretention August Talent,Succession andEngagementUpdate Reviewofseniormanagementselection,succession readinesswithrespecttothreedifferenttimeperiods (immediate,short-termandlong-term),leadership development,diversityandemployeeengagement DirectorIndependence AtleastamajorityoftheBoardmustqualifyasindependentwithinthemeaningofthelistingstandardsoftheNYSE.The BoardhasaffirmativelydeterminedthatMs.KateD.MitchellandMessrs.FerozDewan,IsraelRuizandAlanG.Spoonare independentwithinthemeaningofthelistingstandardsoftheNYSE. BoardofDirectorsandCommitteesoftheBoard DirectorAttendance In2017,theBoardmettentimesandactedbyunanimouswrittenconsenttwotimes. Alldirectorsattendedatleast75%of theaggregateofthetotalnumberofmeetingsoftheBoardandofallcommitteesoftheBoardonwhichtheyserved during2017. AllmembersoftheBoardattendedthe2017AnnualMeetingofShareholders. 2018ProxyStatement 21 • e x e c uti v eo ff i c ersarere q uiredto c omply w itha rigoroussto ck o w nershippoli c yandanadditional holdingpoli c yonearnedor v ested f ull -v alue shares ; • L T I a w ards v esto v ermulti - yearperiods ; • a3 6- monthper f orman c eunitgrant w ithmultiple measurementperiodsdis c ouragesinappropriate ris k- ta k ingneartheendo f aper f orman c e c y c lethat c ouldsigni f i c antlya ff e c t f inalpayout ; • MPCmaintainsaninsidertradingpoli c yandan anti - hedgingpoli c y ; • MPChasare c oupmentpoli c ythataddressesthe restatemento f results ; and • the f ull B oardplaysana c ti v eroleinleadership su cc essionplanning. MPCmanagementalsopresentedare v ie w o f our non - e x e c uti v e c ompensationprogramstotheCompensation Committee.TheCompensationCommittee c on c ludedthat anyris k sarising f romthe c ompensationpoli c iesand pra c ti c es f orouremployees w erenotreasona b lyli k elyto ha v eamaterialad v ersee ff e c tonMPC. E x e c uti v e Su cc ession Planning Oneo f the B oard ’ s k ey f un c tionsistopro v ide f ore x e c uti v esu cc essionplanningtoa v oidad v ersee ff e c ts c aused b y v a c an c ies in k eyleadershippositions.Were c ogni z ethatthought f ulsu cc essionplanningis c riti c alto c reatinglong - termshareholder v alue. Althoughe x e c uti v eo ff i c ersmay c hoosetoretireearlier,ourpoli c yo f mandatoryretirement c oin c ident w ith,orimmediately f ollo w ing,the f irsto f themontha f terano ff i c errea c hesage 6 5pro v idesa k no w nma x imumtimeperiod f ora q uali f iedsu cc essor topreparetoassumethe v a c atedposition. TheCompensationCommitteemeetsatleastannuallytodis c usssu cc essiono f ourleadership,in c ludingour N EOs.During thesemeetingstheCompensationCommittee : • identi f ies k eyroles( b asedon b usinessimpa c tandretentionris k ) ; • assessesli k elyandpossi b lesu cc essors f ortheseroles,in c ludingtheira b ilitytorein f or c eourper f orman c e c ultureand promoteour v aluesin c luding : • H ealthandSa f ety ; • En v ironmentalSte w ardship ; • I ntegrity ; • CorporateCiti z enship ; and • I n c lusi v eCulture ; • ande v aluatesthereadinesso f su cc ession c andidates,in c ludingtrainingandde v elopmentneeds. TheCompensationCommittee b elie v esitssu cc essionpro c essisanimportanttoolthathelpsmanagetheleadtimene c essary totrain,de v eloporre c ruite x e c uti v es c apa b leo ff illing k eyroles,in c luding N EOs, w ithinMPC w hentheneedarises. R atio o f Annual Compensation f or the CEO to our Median Employee PursuanttotheDodd - Fran k WallStreet R e f ormandConsumerProte c tionA c t, w earere q uiredtodis c losetheratioo f c ompensationo f ourprin c ipale x e c uti v eo ff i c er(PEO),Mr. H eminger,toourmedianemployee ’ sannualtotal c ompensation. Allemployees,employedaso f O c to b er1,201 7 , w erein c ludedinouranalysis : • Appro x imately12,000 f ull - timeregular,part - time, c asual,andinternationalemployeeso f MarathonPetroleum,and • Appro x imately12, 7 00part - timeretailstoreasso c iatesand19,300 f ull - timeemployeesatourSpeed w aysu b sidiary. Wedeterminedourmedianemployee b yanaly z ingthea cc umulateda c tual w agesand b onusamountspaidtoea c hemployee b et w een J anuary1,201 7 ,andSeptem b er30,201 7 ,otherthanourChairmanandCEO.Wee xc luded, f oradministrati v e c on v enien c e,oursi x Canadianemployees, w hi c h f ell b elo w the5per c entdeminimisthreshold f ore xc lusion b asedonourtotal employeepopulationo f appro x imately44,000.Wesele c tedthispro c esstodetermineourmedianemployeeas w e b elie v esu c h a cc umulatedpayreasona b lyre f le c tsthemedianemployeeannualtotal c ompensationta k ingintoa cc ountallo f ouremployees. page 66 / MarathonPetroleumCorporationPro x yStatement CorporateGovernance |BoardOversightofourFirm ExecutiveSuccessionPlanning d OurGovernanceCommitteehasadopteda frameworkrelatingtoexecutivesuccession planning,underwhichtheCommitteehasdefined specificcriteriafor,andresponsibilitiesof,eachof theCEO, COO andCFOroles.TheCommitteethen focusesontheparticularskillsetneededtosucceed intheserolesatourfirm d OurLeadDirectoralsomeetsonthistopic separatelywithourCEO andfacilitatesadditional discussionswithourindependentdirectorsabout executivesuccessionplanningthroughouttheyear, includingatexecutivesessions Plan reviewed by our GovernanceCommittee withourCEO at least annually,with an update mid-year Observationof senior management in a variety of settings, includingBoard meetings, preparatory meetings, during visits to our offices around theworld and client-related events Review of senior management summaries (including 360°evaluations) and assessment of potential for executive positions Monitoringof senior management careers to ensureappropriate exposure toourBoard and ourbusiness ALWAYSPREPARED TOAPPOINTEXECUTIVES FROMWITHINOUR FIRM FinancialPerformanceandReporting d OurBoard,includingthroughitsCommittees,iskeptapprisedbymanagement,onanongoingbasis,ofthe firm’sfinancialperformanceandkeydriversthereof.Forexample,ourBoardgenerallyreceivesanupdateon financialperformancefromourCFOateachmeeting,whichprovidescriticalinformationtotheBoardandits Committeesthatassiststhemincarryingouttheirresponsibilities d OurBoard,throughitsAuditCommittee,isresponsibleforoverseeingmanagement’spreparationand presentationofourannualandquarterlyfinancialstatementsandtheeffectivenessofourinternalcontrol overfinancialreporting » Eachquarter,ourAuditCommitteemeetswithmembersofourmanagement,theDirectorofInternal Auditandourindependentregisteredpublicaccountingfirmtoreviewanddiscussourfinancial statements,aswellasourquarterlyearningsrelease d Inaddition,ourAuditCommitteeisdirectlyresponsibleforoverseeingtheindependence,performanceand compensationofourindependentregisteredpublicaccountingfirm.Inthisregard,ourAuditCommitteeand AuditCommitteeChairaredirectlyinvolvedwiththeperiodicselectionoftheleadengagementpartner(see AuditMatters—Item4.RatificationofPwC asourIndependentRegisteredPublicAccountingFirmfor2018 ) CultureandConduct d Oversightofthefirm’scultureisanimportantelementofourBoard’sandCommittees’oversightofthe firm’sreputation,particularlybecauseourpeopleareourgreatestasset d Ourcultureandtheconductweexpectfromourpeopleisembeddedin,andstemsfrom,ourBusiness PrinciplesandourCodeofBusinessConductandEthics(whichareavailableon www.gs.com ) d OurBoardsetsthe“toneatthetop,”andholdsseniormanagementaccountableforembodying, maintainingandcommunicatingaculturethatemphasizestheimportanceofcompliancewithboththeletter andspiritofthelaws,rulesandregulationsthatgovernus d ThisiscarriedoutatourBoardandacrossourCommitteesthroughavarietyofmeans,includingoversight ofstrategy,thereceiptofmetrics(suchaswithrespecttoconductandbusinessintegritymatters,voluntary attritionandcomplaints,ifany,intheretailconsumerbusiness),regulardiscussionswiththefirm’s Compliance,Legal,RiskandAuditfunctions,oversightofCEO andseniormanagementperformanceand compensation(as describedin ExecutiveCompensation—CompensationDiscussionandAnalysis ), and discussionof“lessonslearned”fromfirmorindustryevents,asappropriate d Recentfirminitiativesincludethelaunchofa“Chairman‘sForum”onconduct,cultureandreputationalrisk management(inwhichmembersofthePublicResponsibilitiesCommitteealsoparticipated),adoptionofan enhancedConductRiskFrameworkandadditionaltrainingaswellasongoingengagementwithour regulatorsandotherstakeholdersregardingcultureandconduct Observationofseniormanagementinavarietyofsettings,includingBoardmeetings,preparatorymeetings,duringvisitstoourofficesaroundtheworldandclient-relatedeventsPlanreviewedbyourGovernanceCommitteewithourCEOatleastannually,withanupdatemid-yearALWAYSPREPAREDTOAPPOINTEXECUTIVESFROMWITHINOURFIRMMonitoringofseniormanagementcareerstoensureappropriateexposuretoourBoardandourbusinessReviewofseniormanagementsummaries(including360°evaluations)andassessmentofpotentialforexecutivepositions 36 GoldmanSachs | ProxyStatementforthe2018AnnualMeetingofShareholders