Pizza Hut 2011 Annual Report Download - page 48
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16MAR201218540977
MANAGEMENT STATEMENT IN OPPOSITION
TO SHAREHOLDER PROPOSAL
The Board of Directors recommends that shareholders vote AGAINST this proposal.
What is the Company’s position regarding this proposal?
The Company opposes the proposal. As a global citizen, the Company recognizes its responsibility to
use environmental resources wisely. For this reason, the Company demonstrates an ongoing commitment
to responsible sourcing, including with respect to agricultural resources like palm oil. In fact, the vast
majority of the restaurants in Yum’s system do not use palm oil, and of those that do, most is sustainably
sourced. Indeed, many of our markets purchasing palm oil do so from suppliers that adhere to the
principles of the Roundtable on Sustainable Palm Oil.
The Company continues to proactively discontinue or diminish its use of palm oil where possible.
Where we purchase any palm oil, we work to ensure we are in compliance with all applicable laws and
regulations. Further, the Company requires its suppliers to adhere to all laws and regulations associated
with sourcing and purchasing on behalf of the Company. To this end, as described more fully in the
Company’s 2010 Corporate Social Responsibility Report (located on the Company’s website at
www.yum.com/CSR), our suppliers must submit to regular audits conducted by third party auditors and
trained Company field personnel to ensure such compliance.
Why does the Company oppose the proposal?
The Board does not believe it would be an efficient use of Company resources to adopt the palm oil
policy suggested by the shareholder proponent. As discussed above, we have been proactive in seeking
ways to diminish the environmental impact of our operations with respect to palm oil and engaging our
supply chain partners. We will continue to monitor the issues described in the proponent’s proposal and
plan to make additional improvements in this area that demonstrate that we take the concerns of our
shareholders seriously.
FOR THESE REASONS, WE RECOMMEND THAT YOU VOTE AGAINST THIS PROPOSAL.
Proxy Statement
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.
30