Pizza Hut 2009 Annual Report Download - page 31
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21MAR201012032309
What are the committees of the Board?
The Board of Directors has standing Audit, Management Planning and Development, Nominating
and Governance and Executive/Finance Committees.
Name of Committee Number of Meetings
and Members Functions of the Committee in Fiscal 2009
Audit: • Possesses sole authority regarding the selection 9
J. David Grissom, Chair and retention of independent auditors
Robert Holland, Jr. • Reviews and has oversight over the Company’s
Kenneth G. Langone internal audit function
Jonathan S. Linen • Reviews and approves the cost and scope of
Thomas C. Nelson audit and non-audit services provided by the
independent auditors
• Reviews the independence, qualification and
performance of the independent auditors
• Reviews the adequacy of the Company’s
internal systems of accounting and financial
control
• Reviews the annual audited financial statements
and results of the audit with management and
the independent auditors
• Reviews the Company’s accounting and
financial reporting principles and practices
including any significant changes
• Advises the Board with respect to Company
policies and procedures regarding compliance
with applicable laws and regulations and the
Company’s Worldwide Code of Conduct and
Policy on Conflict of Interest
• Discusses with management the Company’s
Proxy Statement
policies with respect to risk assessment and risk
management. Further detail about the role of
the Audit Committee in risk assessment and
risk management is included in the section
entitled ‘‘What is the Board’s Role in Risk
Oversight’’ above.
The Board of Directors has determined that all of the members of the Audit Committee are independent
within the meaning of applicable SEC regulations and the listing standards of the NYSE and that
Mr. Grissom, the chair of the Committee, is qualified as an audit committee financial expert within the
meaning of SEC regulations. The Board has also determined that Mr. Grissom has accounting and related
financial management expertise within the meaning of the listing standards of the NYSE and that each
member is financially literate within the meaning of the NYSE listing standards.
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