Pizza Hut 2008 Annual Report Download - page 40

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23MAR200920294881
Why does the Company oppose this proposal?
The Board does not believe that requiring shareholder approval of a shareholder rights plan would
enhance value for shareholders. Such a requirement would limit the Board’s flexibility in responding to a
takeover attempt which is not in the best interests of shareholders. In short, in the dynamic and highly
variable circumstances in which the Board might need to consider an acquisition transaction, the proposals
would impose limitations that could have consequences adverse to shareholders’ interests. Accordingly, the
Board recommends a vote against this proposal.
FOR THESE REASONS, WE RECOMMEND THAT YOU VOTE AGAINST THIS PROPOSAL.
What vote is required to approve this proposal?
Approval of this proposal requires the affirmative vote of a majority of the shares present in person or
represented by proxy and entitled to vote at the Annual Meeting.
Proxy Statement
22