2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 56 GANNETT CO., INC. GENERAL MOTORS GLOBAL PAYMENTS INC. GOLDMAN SACHS GROUP, INC. PROXY STATEMENT 2018 ANNUAL MEETING OF STOCKHOLDERS Summary 1 Proposal 1 —Election of Directors 5 TheNominees 5 MajorityVoteRequirementforDirectorElections 9 DirectorIndependence 9 StandingCommitteesoftheBoard 10 AuditCommittee 11 ExecutiveCompensationCommittee 11 NominatingandPublicResponsibilityCommittee 12 TransformationCommittee 13 CommitteeCharters 13 CorporateGovernancePolicies,Practicesand Procedures 13 BoardMeetings 14 BoardLeadershipStructure 14 TheBoard’sRoleinRiskOversight 14 CompensationCommitteeInterlocksandInsider Participation 15 RelatedTransactions 15 EthicsPolicy 15 ReportoftheAuditCommittee 16 Proposal 2 —Ratification of Appointment of Independent Registered Public Accounting Firm 17 Proposal3 —Approval of an Amendment to the Company’s 2015 Omnibus Incentive Compensation Plan 18 Overviewofthe2015Plan 18 TheProposed2015PlanAmendment 18 Activityunderthe2015Plan 19 CorporateGovernanceHighlights 19 Summaryofthe2015Plan(asAmended) 20 FederalIncomeTaxAspectsofthe2015Plan 23 Executive Compensation 24 CompensationDiscussionandAnalysis 24 ExecutiveOverview 24 ElementsoftheCompany’sExecutiveCompensation Program 25 CompensationGovernance 26 Executive Compensation (cont.) HowtheCommitteeDeterminesNEOCompensation 26 BaseSalary 27 AnnualCashIncentives 28 Long-TermIncentives 32 BenefitsandPerquisites 36 Post-TerminationPay 36 ClawbackPolicy 40 StockOwnershipGuidelines 40 TaxConsiderations 40 CEOPayRatioDisclosure 40 ExecutiveCompensationCommitteeReport 41 SummaryCompensationTable 42 GrantsofPlan-BasedAwards 44 AdditionalInformationRegardingtheSummary CompensationTableandtheGrantsofPlan-Based AwardsTable 45 OutstandingEquityAwardsatFiscalYear-End 47 OptionExercisesandStockVested 48 PensionBenefits 49 Non-QualifiedDeferredCompensation 50 OtherPotentialPost-EmploymentPayments 51 PotentialPaymentsUponTermination 53 Proposal 4 —Approval, on an Advisory Basis, of the Compensation of our Named Executive Officers 56 Director Compensation 57 Outstanding Director Equity Awards at Fiscal Year-End 59 Equity Compensation Plan Information 60 Securities Beneficially Owned by Directors, Executive Officers and Principal Stockholders 61 General Information 63 Cost of Soliciting Proxies 66 Section 16(a) Beneficial Ownership Reporting Compliance 66 Incorporation by Reference 66 GANNETTCO.,INC. Table of Contents PROXYSTATEMENTSUMMARY 1 AgendaandVotingRecommendations ............. 1 BoardNominees ................................. 1 GovernanceHighlights ........................... 3 2017PerformanceSnapshot ....................... 4 ExecutiveCompensationHighlights ............... 5 EnvironmentalandSustainabilityPerformance ..... 6 ITEMNO.1– ELECTIONOFDIRECTORS 7 OverviewofYourBoard ........................... 7 BoardMembershipCriteria,Refreshment,and SuccessionPlanning ............................ 9 YourBoard’sNomineesforDirector ................ 10 Non-EmployeeDirectorCompensation ............. 17 CORPORATEGOVERNANCE 20 RoleoftheBoardofDirectors ..................... 20 BoardSize ....................................... 20 CodeofBusinessConductandEthics:“Winningwith Integrity” ..................................... 20 CorporateGovernanceGuidelines ................. 20 DirectorIndependence ............................ 21 BoardLeadershipStructure ....................... 21 ExecutiveSessions ............................... 23 BoardCommittees ............................... 23 AccesstoOutsideAdvisors ........................ 27 BoardandCommitteeMeetingsandAttendance .... 27 BoardandCommitteeOversightofRisk ............ 27 SuccessionPlanningandLeadershipDevelopment .. 28 BoardandCommitteeEvaluations ................. 28 AnnualEvaluationofCEO ......................... 29 DirectorOrientationandContinuingEducation ..... 29 DirectorServiceonOtherPublicCompanyBoards ... 29 CompensationCommitteeInterlocksandInsider Participation ................................... 29 ShareholderEngagement ......................... 30 ShareholderProtections .......................... 30 CertainRelationshipsandRelatedParty Transactions ................................... 31 SECURITYOWNERSHIPINFORMATION 32 SecurityOwnershipofDirectors,NamedExecutive Officers,andCertainOtherBeneficialOwners .... 32 Section16(a)BeneficialOwnershipReporting Compliance .................................... 33 EXECUTIVECOMPENSATION 35 CompensationOverview ........................ 36 CompensationPrinciples ........................ 43 CompensationElements ........................ 43 PerformanceMeasures ......................... 44 PerformanceResultsandCompensation Decisions .................................... 47 CompensationPoliciesandGovernance Practices .................................... 54 CompensationCommitteeReport ............... 56 ExecutiveCompensationTables ................. 57 EquityCompensationPlanInformation .......... 67 ITEMNO.2– Approvalof,onanAdvisory Basis,NamedExecutive OfficerCompensation 68 ITEMNO.3– RatificationoftheSelectionof Ernst&YoungLLPasthe Company’sIndependent RegisteredPublicAccounting Firmfor2018 69 AuditCommitteeReport ........................ 70 FeesPaidtoIndependentRegisteredPublic AccountingFirm ............................. 71 ITEMNO.4– ShareholderProposal RegardingIndependentBoard Chairman 72 ITEMNO.5– ShareholderProposal RegardingShareholderRight toActbyWrittenConsent 74 ITEMNO.6– ShareholderProposal RegardingReporton GreenhouseGasEmissions andCAFEStandards 76 GENERALINFORMATIONABOUT THEANNUALMEETING 78 APPENDIXA– ReconciliationofGAAPand Non-GAAPFinancialMeasures A-1 APPENDIXB– AdditionalInformation RegardingChangeof IndependentRegisteredPublic AccountingFirms B-1 TableofContents Table of Contents LetterfromourChairmanandCEO ........................ii LetterfromourLeadDirector..............................iii ExecutiveSummary ........................................1 2018AnnualMeetingInformation .......................1 MatterstobeVotedonatour2018AnnualMeeting ....1 ImpactofCertainTax-RelatedItemsontheFirm’s2017 Performance .............................................2 PerformanceHighlights ..................................3 CompensationHighlights ................................7 2018StockIncentivePlanHighlights ....................9 CorporateGovernanceHighlights ......................10 ShareholderEngagement ..............................13 CorporateGovernance ....................................15 Item1.ElectionofDirectors ............................15 OurDirectors .........................................15 IndependenceofDirectors ...........................24 StructureofourBoardandGovernancePractices .....25 OurBoardCommittees...............................25 BoardandCommitteeEvaluations...................27 BoardLeadershipStructure ..........................28 Year-RoundReviewofBoardComposition ..........31 DirectorEducation ...................................32 CommitmentofourBoard ...........................32 BoardOversightofourFirm............................34 KeyAreasofBoardOversight........................34 CompensationMatters ....................................37 CompensationDiscussionandAnalysis................37 2017NEOCompensationDeterminations ...........37 KeyPayPractices ....................................46 FrameworkforCompensationDecisions ............47 OverviewofCompensationElements................50 OtherCompensationPoliciesandPractices .........53 GSGives .............................................56 ExecutiveCompensation ...............................57 2017SummaryCompensationTable ................58 2017GrantsofPlan-BasedAwards ..................60 2017OutstandingEquityAwardsatFiscal Year-End .............................................61 2017OptionExercisesandStockVested.............61 2017PensionBenefits................................62 2017Non-QualifiedDeferredCompensation.........63 PotentialPaymentsUponTerminationorChangein Control ...............................................65 ReportofourCompensationCommittee ...............68 Item2.AnAdvisoryVotetoApproveExecutive Compensation(SayonPay) ............................69 Item3.ApprovalofTheGoldmanSachsAmended andRestatedStockIncentivePlan(2018)...............70 PayRatioDisclosure ....................................77 Non-EmployeeDirectorCompensationProgram.......78 AuditMatters..............................................82 ReportofourAuditCommittee.........................82 Item4.RatificationofPwCasourIndependent RegisteredPublicAccountingFirmfor2018............82 Items5-6:ShareholderProposals .........................84 CertainRelationshipsandRelatedTransactions ..........88 BeneficialOwnership .....................................91 AdditionalInformation ....................................94 FrequentlyAskedQuestions ............................. 96 AnnexA:CalculationofNon-GAAPMeasures...........A-1 AnnexB:AdditionalDetailsonDirector Independence ............................................B-1 AnnexC:TheGoldmanSachsAmendedandRestated StockIncentivePlan(2018) ..............................C-1 Directionstoour2018AnnualMeetingof Shareholders.............................................D-1 ThisProxyStatementincludesforward-lookingstatements. Thesestatementsarenothistoricalfacts, butinstead representonlythefirm’sbeliefsregardingfutureevents,manyofwhich,bytheirnature,areinherentlyuncertain andoutsideofthefirm’scontrol.Forward-lookingstatementsincludestatementsaboutpotentialrevenueand growthopportunities.Itispossiblethatthefirm’sactualresults,includingtheincrementalrevenues,ifany,from suchopportunities,andfinancialconditionmaydiffer,possiblymaterially,fromtheanticipatedresults,financial conditionandincrementalrevenuesindicatedintheseforward-lookingstatements. Foradiscussionofsomeof therisksandimportantfactorsthatcouldaffectthefirm’sfutureresultsandfinancialcondition,see“RiskFactors” inGoldmanSachs’AnnualReportonForm10-KfortheyearendedDecember31,2017.Statementsabout GoldmanSachs’revenueandgrowthopportunitiesaresubjecttotheriskthatthefirm’sbusinessesmaybe unabletogenerateadditionalincrementalrevenuesortakeadvantageofgrowthopportunities. ProxyStatementforthe2018AnnualMeetingofShareholders | GoldmanSachs i Table of Contents ProxySummary ........................................................................... 1 InformationAboutOur2018AnnualMeeting .......................................................... 1 ProposalsandVotingRecommendations ............................................................. 1 BusinessandStrategy ......................................................................... 1 2017PerformanceHighlights ..................................................................... 2 BoardandCorporateGovernanceHighlights .......................................................... 3 ShareholderOutreach ......................................................................... 5 CompensationPhilosophyandHighlights ............................................................. 5 CoreCompensationComponents .................................................................. 6 DirectorNominees ........................................................................... 7 NamedExecutiveOfficers ....................................................................... 7 QuestionsandAnswersAboutOurAnnualMeetingandthisProxyStatement ................... 8 ProposalOne:ElectionofDirectors .......................................................... 12 NomineesforElectionasDirectorswithTermsExpiringin2021 ............................................. 13 OtherDirectors .............................................................................. 14 BoardandCorporateGovernance ............................................................ 18 RecentDevelopments ......................................................................... 18 BoardLeadership ............................................................................ 18 BoardIndependence .......................................................................... 19 BoardMembershipCriteria ...................................................................... 19 BoardRefreshment ........................................................................... 20 BoardandCommitteeMembership—DirectorAttendanceatMeetings ........................................ 21 CommitteeResponsibilities ..................................................................... 22 CommitteeComposition ....................................................................... 23 BoardOversightofRiskManagement ............................................................... 23 EvaluationofBoardandCommitteeEffectiveness ...................................................... 24 ShareholderOutreach ......................................................................... 25 DirectorCompensation ......................................................................... 25 TargetStockOwnershipGuidelines ................................................................ 27 ContactingOurBoardofDirectors ................................................................. 27 CommonStockOwnership ................................................................. 28 CommonStockOwnershipbyManagement ........................................................... 28 CommonStockOwnershipbyNon-ManagementShareholders .............................................. 29 BiographicalInformationAboutOurExecutiveOfficers ......................................... 30 ProposalTwo:AdvisoryVotetoApprovetheCompensationofOurNamedExecutiveOfficers ...... 31 CompensationDiscussionandAnalysis ...................................................... 33 2017PerformanceHighlights ..................................................................... 33 HowCompensationDecisionsAreMade ............................................................. 35 ElementsofExecutiveCompensationProgram ......................................................... 37 BaseSalary ................................................................................ 37 Short-TermIncentivePlan ....................................................................... 38 Long-TermIncentivePlan ....................................................................... 39 OtherBenefits .............................................................................. 43 EmploymentAgreements ....................................................................... 44 PoliciesandGuidelines ......................................................................... 44 TaxConsiderations ........................................................................... 44 ReportofCompensationCommitteeMembers ......................................................... 45 CompensationofNamedExecutiveOfficers ................................................... 46 SummaryCompensationTable .................................................................... 46 GrantsofPlan-BasedAwardsin2017 ............................................................... 49 OutstandingEquityAwardsatDecember31,2017 ...................................................... 50 StockOptionsExercisedandStockVestedin2017 ...................................................... 52 Non-QualifiedDeferredCompensationPlan ........................................................... 52 PensionBenefitsfor2017 ....................................................................... 53 PotentialPaymentsUponTermination,RetirementorChangeinControl ........................................ 53 CEOPayRatio ............................................................................. 58 ProposalThree:RatificationofReappointmentofAuditors ..................................... 60 ReportoftheAuditCommittee ................................................................... 60 AuditorFees ................................................................................ 61 AuditCommitteePre-ApprovalPolicies .............................................................. 62