Pizza Hut 2010 Annual Report Download - page 31
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9MAR201101440694
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 2010
Audit: • Possesses sole authority regarding the selection and 9
J. David Grissom, Chair retention of independent auditors
Robert Holland, Jr. • Reviews and has oversight over the Company’s internal
Kenneth G. Langone audit function
Jonathan S. Linen • Reviews and approves the cost and scope of audit and
Thomas C. Nelson 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 Conflicts of Interest
• Discusses with management the Company’s 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
Proxy Statement
section entitled ‘‘What is the Board’s Role in Risk
Oversight’’ set forth on page 9.
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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