2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 230 TTM TECHNOLOGIES, INC. solely of independent directors, which provide independent oversight of management. Also, our corporate governanceguidelinesprovidethatourindependentdirectorswillmeetinexecutivesessionnotlessfrequently thanquarterly. RiskManagementandOversightProcess While our management is primarily responsible for managing risk, our board of directors and each of its committees play a role in overseeing our risk management practices. Our full board of directors is ultimately responsible for risk oversight, and it discharges this responsibility by, among other things, receiving regular reports from our management concerning our business and the material risks that our Company faces. Our board of directors annually reviews key enterprise risks identified by management, such as financial, reputational, safety and security, cyber security, social responsibility, environmental and compliance risks, and it monitors key risks through reports and discussions regarding key risk areas at meetings of our board of directors and in committee meetings. Our board of directors also focuses on specific strategic and emerging risksinperiodicstrategyreviews.Ourboardofdirectorsannuallyreviewsandapprovesourcorporatestrategy and goals and our capital budgets, and in connection with that review, it considers risks associated with our Company. Our board of directors allocates responsibility for overseeing risk management for our Company among thefullboardandeachofitscommittees.Specifically,thefullboardoverseessignificantrisksprimarilyrelating to operations, strategy, and finance. In addition, each of our committees considers risks within its area of responsibilities,asfollows: • Our audit committee is primarily responsible for overseeing matters involving major financial risk exposuresandactionsmanagementistakingtomonitorsuchriskexposures.Thisincludesrisksrelatingto financial reporting and internal controls; litigation; environmental, health, and cyber security and safety matters; tax matters; liability insurance programs; and compliance with environmental legal and regulatoryandsocialresponsibilityrequirements,thecodeofbusinessconductandthecodeofethicsfor the CEO and senior financial officers. In addition, the audit committee reviews our quarterly and annual financial reports, including any disclosure in those reports of risk factors affecting our Company and business. • Our compensation committee is primarily responsible for overseeing risks that may be associated with executive retention, our executive compensation programs and risks relating to the administration of those programs. In setting compensation, the compensation committee strives to create incentives that encourage appropriate risk-taking behavior consistent with our business strategy. In making compensation determinations, the compensation committee considers these risks and an overall mix of compensation for employees as well as the various risk control and mitigation features of our compensation plans, including appropriate performance measures andtargetsandincentive planpayout maximums. To assist in satisfying these oversight responsibilities, the compensation committee retains outside compensation consultants and meets regularly with management to understand the financial, human resources, and stockholder implications of compensation decisions being made. Additional informationonriskmanagementconsiderationsofourcompensationcommitteeisdiscussedinthisproxy statementunder“CompensationDiscussionandAnalysis—RiskManagementConsiderations.” • Our nominating and corporate governance committee is primarily responsible for risks that may be mitigated by the continued effective functioning ofourboardofdirectors andourcorporate governance practices. Under its charter, the nominating and corporate governance committee is responsible for, amongotherthings,developingandrecommendingtoourboardofdirectorsasetofeffectivecorporate governanceprinciplesdesignedtoassurecompliancewithapplicablestandards. • Ourgovernmentsecuritycommitteeisprimarilyresponsibleforensuringcompliancewiththepoliciesand procedures mandated by the U.S. government with respect to classified and export-controlled informationinourpossessionandforensuringthemitigationofFOCI,includingcybersecurity. TTMTECHNOLOGIES,INC. 14 TWITTER, INC. BOARD OF DIRECTORS AND CORPORATE GOVERNANCE CorporateGovernanceOverview Whilewedonotexpectthatwewillbeabletoaddressallof ourstockholders’feedback,weseektooptimizeour corporategovernancebycontinuallyrefiningourrelevant policies,proceduresandpracticestoaligntheneedsofthe companywithevolvingregulationsandbestpractices,issues raisedbyourstockholders,andotherwiseascircumstances warrant.Webelievethatouractionsadvancedour compensationpracticesandgovernanceinamanner responsivetotheinputwereceivedfromourstockholders andinamannerappropriateforourcompany.Wewill continuetoreviewourcompensationandgovernance practicesandengageinsignificantdialoguewithour stockholdersgoingforward. Corporate Governance Guidelines and Code of Business Conduct and Ethics OurboardofdirectorsadoptedourCorporateGovernance GuidelinesinOctober2013(asmostrecentlyamendedand approvedbyourboardofdirectorsinApril2017)that addressitemssuchas: • directorqualifications; • directorindependence; • directorresponsibilities; • executivesessionsand leadershiproles; • conflictsofinterest; • boardofdirectors committees; • directoraccessto managementand advisors; • directorcompensation; • directororientation trainingandcontinuing education; • leadershipdevelopment andsuccessionplanning; • CEOevaluation; • stockholder communicationswiththe boardofdirectors;and • performanceevaluation oftheboardofdirectors anditscommittees. Inaddition,ourboardofdirectorsadoptedourCodeof BusinessConductandEthicsinOctober2013(asmost recentlyamendedandapprovedbyourboardofdirectorsin October2016)whichappliestoallofouremployees,officers anddirectors,includingourChiefExecutiveOfficer,Chief FinancialOfficer,andotherexecutiveandseniorfinancial officers,thataddressesitemssuchas: • ourcorevalues; • corporateopportunities; • fairdealing; • compliancewithlaws andpolicies; • confidentiality; • financialintegrityand responsibility; • protectionanduseof assetsandintellectual property; • publiccommunications andfinancialreporting; • reportingviolationsof lawandpolicies; • accountability;and • noretaliation. ThefulltextofourCorporateGovernanceGuidelinesandour CodeofBusinessConductandEthicsispostedonthe CorporateGovernanceportionofourwebsiteat http://investor.twitterinc.com.Wewillpostanyamendments toourCorporateGovernanceGuidelines,CodeofBusiness ConductandEthicsandanywaiversofourCodeofBusiness ConductandEthicsfordirectorsandexecutiveofficerson thesamewebsite. Risk Management Riskisinherentwitheverybusiness,andwefaceanumberof risks,includingstrategic,financial,businessandoperational, legalandcompliance,andreputational.Wehavedesigned andimplementedprocessestomanagesuchrisks. Managementisresponsiblefortheday-to-daymanagement ofrisksthecompanyfaces,whileourboardofdirectors,asa wholeandassistedbyitscommittees,hasresponsibilityfor theoversightofriskmanagement.Initsriskoversightrole, ourboardofdirectorshastheresponsibilitytosatisfyitself thattheriskmanagementprocessesdesignedand implementedbymanagementareappropriateand functioningasdesigned. Ourboardofdirectorsbelievesthatopencommunication betweenmanagementandourboardofdirectorsisessential foreffectiveriskmanagementandoversight.Ourboardof directorsmeetswithourChiefExecutiveOfficerandother membersoftheseniormanagementteamatquarterly meetingsofourboardofdirectors,where,amongother topics,theydiscussstrategyandrisksfacingthecompany,as wellatsuchothertimesastheydeemedappropriate.In addition,cybersecurityisacriticalpartofriskmanagement atTwitter.Twitter’sChiefInformationSecurityOfficer regularlybriefsourfullboardofdirectorsandouraudit committeeonTwitter’sinformationsecurityprogramandits relatedprioritiesandcontrols. 26 TWITTER,INC./2018ProxyStatement UNITIL CORPORATION Company,eitherdirectlyorasapartner,shareholderorofficerofanorganizationwithsucharelationship withtheCompany.ThisdefinitiongenerallyleavestheBoardthediscretiontodetermine,onacase-by-case basis,whatconstitutesa“materialrelationship”withtheCompany.TheBoardexercisesthisdiscretionina mannerthatisconsistentwithapplicableNYSEandSECregulationsandstandards.Inaddition,membersof theBoardareobligatedtonotifythefullBoardofanymaterialchangesintheirrelationshipsthatmayaffect theirindependencestatusasdeterminedbytheBoard.Theobligationencompassesallrelationships betweenDirectorsandtheCompanyanditssubsidiariesand/ormembersofseniormanagement. RISK OVERSIGHT TheBoardisresponsiblefortheoversightofmanagementandthebusinessaffairsoftheCompany,which includestheoversightofrisk.TheBoard’sultimategoalsaretoensurethatUnitilcontinuesasasuccessful business,tooptimizefinancialreturnsinlightofthebusinessrisks,toincreaseshareholdervalueovertime, andtoprotecttheinterestsofallstakeholders. TheCompanyhasaformalEnterpriseRiskManagement(“ERM”)programwhichisoverseenbytheBoard. TheERMprogramisafoundationforriskmanagementthatisrelevant,sustainableandscalable.TheERM programisdesignedtoidentifypotentialrisksthatmayimpacttheCompany,andtomanageriskswithin theCompany’sriskappetiteinordertosustainoperationsandachievebusinessobjectives.Inbuildingthe ERMprogram,thepotentialrisksrelatingtotheCompany’sbusinessweredefinedusingacomprehensive setofriskdisclosureswhicharedescribedin PartI,Item1A.RiskFactors oftheCompany’sAnnualReport onForm10-KfiledwiththeSEConFebruary1,2018. TheBoardhasassignedtheExecutiveCommitteetheresponsibilityofassistingtheBoardinoverseeingthe overallriskmanagementstrategyoftheCompany.InordertoassisttheBoardwithoverallrisk management,theExecutiveCommitteeissupportedbyandoverseestheRiskManagementCommittee, whichiscomprisedoftheseniormanagementteam.Together,thesetwocommitteesevaluateandprovide directionwithrespecttoriskidentificationandassessment,andriskmanagementandmitigation,including thespecificguidelinesandpoliciesgoverningtheprocessbywhichriskassessmentandriskmanagement areundertakenattheCompany. Likeallcompanies,Unitilfacesavarietyofrisks,bothinternalandexternal,andmanyfactorswork simultaneouslytoaffecttheCompany’soverallbusinessrisk.TheBoardrecognizesthattheCompany’s businessriskisnotstatic,andthatitisnotpossibletomitigateallriskanduncertainty.TheBoardworkswithin aclimateofrespectandcandor,fosteringacultureofopendialogbetweenBoardmembersandsenior management.Overall,theBoardbelievesthattheERMprogramhasfurtherdefinedandenhanceda systematicandproactiveapproachtoproperlyoverseeriskmanagementandtheERMprogramwillcontinue toevolvethroughongoingreviewandassessmentoftheexistingandemergingrisksfacingtheCompany. LEADERSHIP STRUCTURE ThecurrentleadershipstructureoftheBoardconsistsofacombinedChairmanandChiefExecutiveOfficer (“CEO”)positionwhichhasbeenheldbyMr.Schoenbergersince1997.Atthistime,theBoardbelievesthat 12 U.S. CONCRETE Information Concerningthe Boardof Directors andCommittees structure, wehavea Chairman, an executiveViceChairmananda LeadIndependentDirector. Our Lead IndependentDirector is empoweredwithrobust, well-definedduties. Our Boardis composedof experiencedand committed independentdirectors (with allnon-management nomineesbeingindependent),andour Board committees haveobjective,experiencedchairs andmembers. Our Boardbelievesthat these factors, taken together, providefor objective,independentBoardleadership,andeffective engagementwithandoversight of management. Our Boardis committed to objective,independentleadershipfor our Boardandeachof its committees. Our Board viewsthe objective,independentoversight of management as central to effective Boardgovernance,to serving the best interests of our Companyandour stockholders, andto executingour strategic objectivesandcreating long-term value.Thiscommitment is reflected inour Company’sgoverningdocuments, our Bylaws,our Corporate Governance Guidelines,andthe governingdocuments of eachof the Board’scommittees. Our Boardbelievesthat its optimalleadershipstructure may changeover time to reflect our Company’sevolving needs, strategy andoperatingenvironment; changesinour Board’scompositionandleadershipneeds; andother factors, includingthe perspectivesof stockholdersandother stakeholders. Our Boardhas the flexibilityto determine the Boardleadershipstructure best suitedto the needsandcircumstances of our Companyandour Board. At least annually,our Board, incoordinationwithour NominatingandCorporate Governance Committee, deliberateson anddiscussesthe appropriateBoardleadershipstructure, includingthe considerationsdescribed above. Basedon that assessment andon inputfrom stockholders, for 2017our Boardbelievedthat our current structure, withMr. Davisas Chairman, Mr. Sandbrookas executiveViceChairmanandMr. Lundinas Lead IndependentDirector, wasthe optimalleadershipframework. As a result of Mr. Davis’determinationto not stand for reelection,followingthe AnnualMeeting weexpect that Mr. Sandbrookwillbe promoted to executive Chairman, at whichpointour Boardwillbe ledby an executiveChairmanandLeadIndependentDirector. We and our stockholderswillbenefit from an executiveChairmanwithdeepexperienceinandknowledgeof our industry, our Company, andits businesses,anda strong LeadIndependentDirector withrobust, well-definedduties. Our LeadIndependentDirector, together withthe other independentdirectors, instillsobjectiveindependentBoard leadership,andeffectively engagesandoversees management. TheBoardbelievesinhavinga LeadIndependentDirector whois empoweredwithrobust, well-definedduties. TheLeadIndependentDirector is joinedby experienced,independentBoardmembers anda Chairmanwho, as CEO, serves as the primary voiceto articulate our strategy of long-term responsiblegrowth. Theindependent directors provideobjectiveoversight of management, helpto establishthe long-term strategy andregularly assess its effectiveness, andserve the best interests of our Companyandour stockholdersby creating long-term value. Risk Oversight TheBoardof Directors providesoversight withrespect to the Company’srisk assessment andrisk management activities, whichare designedto identify, prioritize, assess, monitor andmitigate material risks to the Company, includingstrategic, operational,compliance,data security, financialandcompensatory risks. TheBoard administers this oversight function at the Boardlevel,andthrough the AuditCommittee andthe Compensation Committee. Theentire Boardoversees the strategic, operationalandcompliancerisks. TheAuditCommittee focuses on financialrisks, includingreviewingwithmanagement, the Company’sinternalauditors andthe Company’sindependentauditors, the Company’smajor financialrisk exposures, the adequacyandeffectiveness of accountingandfinancialcontrols, andthe steps management has taken to monitor andcontrol financialrisk exposures. TheAuditCommittee alsooversees the Company’sdata privacy andnetwork security risks and strategy. TheCompensationCommittee considersrisks presented by the Company’scompensationpoliciesand practices, as wellas those related to successionandmanagement development.TheAuditCommittee and CompensationCommittee eachreport directly to our Board. U.S. Concrete, Inc. | 2018 Proxy Statement 15