Pizza Hut 2011 Annual Report Download - page 30
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16MAR201218540977
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 2011
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
Kenneth G. Langone internal audit function
Jonathan S. Linen • Reviews and approves the cost and scope of audit
Thomas C. Nelson 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
Conflicts of Interest
• Discusses with management the Company’s policies
Proxy Statement
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’’ 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 listing standards of
the NYSE.
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