Pizza Hut 2011 Annual Report Download - page 39
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16MAR201218542623
ITEM 2: RATIFICATION OF INDEPENDENT AUDITORS
(Item 2 on the Proxy Card)
What am I voting on?
A proposal to ratify the selection of KPMG LLP (‘‘KPMG’’) as our independent auditors for fiscal
year 2012. The Audit Committee of the Board of Directors has selected KPMG to audit our consolidated
financial statements. During fiscal 2011, KPMG served as our independent auditors and also provided
other audit-related and non-audit services.
Will a representative of KPMG be present at the meeting?
Representatives of KPMG will be present at the Annual Meeting and will have the opportunity to
make a statement if they desire and will be available to respond to appropriate questions from
shareholders.
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. If the selection of KPMG is not ratified,
the Audit Committee will reconsider the selection of independent auditors.
What is the recommendation of the Board of Directors?
THE BOARD OF DIRECTORS RECOMMENDS THAT YOU
VOTE FOR APPROVAL OF THIS PROPOSAL.
What were KPMG’s fees for audit and other services for fiscal years 2011 and 2010?
The following table presents fees for professional services rendered by KPMG for the audit of the
Company’s annual financial statements for 2011 and 2010, and fees billed for audit-related services, tax
Proxy Statement
services and all other services rendered by KPMG for 2011 and 2010.
2011 2010
Audit fees(1) $5,700,000 $5,000,000
Audit-related fees(2) 300,000 300,000
Audit and audit-related fees 6,000,000 5,300,000
Tax fees(3) 1,000,000 500,000
All other fees — —
Total fees $7,000,000 $5,800,000
(1) Audit fees for 2011 and 2010 include fees for the audit of the annual consolidated financial
statements, reviews of the interim condensed consolidated financial statements included in the
Company’s quarterly reports, audits of the effectiveness of the Company’s internal controls over
financial reporting, statutory audits and services rendered in connection with the Company’s securities
offerings.
(2) Audit-related fees for 2011 and 2010 included audits of financial statements of certain employee
benefit plans, agreed upon procedures and other attestations.
(3) Tax fees for 2011 and 2010 consisted principally of fees for international tax compliance and tax audit
assistance.
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