Pizza Hut 2014 Annual Report Download - page 33

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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.
Audit: Possesses sole authority regarding the selection and retention of 9
Thomas C. Nelson, Chair independent auditors
Mirian M. Graddick-Weir Reviews and has oversight over the Company’s internal audit function
Bonnie G. Hill Reviews and approves the cost and scope of audit and non-audit services
Jonathan S. Linen provided by the independent auditors
Elane B. Stock* 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
section entitled ‘‘What is the Board’s role in risk oversight?’’ set forth on
page 8.
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. Nelson, 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. Nelson 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.
*Elane B. Stock became an Audit Committee member effective January 22, 2015.
Management Planning and Oversees the Company’s executive compensation plans and programs and 4
Development: reviews and recommends changes to these plans and programs
Robert D. Walter, Chair Monitors the performance of the chief executive officer and other senior
David W. Dorman executives in light of corporate goals set by the Committee
Massimo Ferragamo Reviews and approves the compensation of the chief executive officer and
Thomas M. Ryan other senior executive officers
Reviews management succession planning
The Board has determined that all of the members of the Management Planning and Development Committee are independent
within the meaning of the listing standards of the NYSE.
2015 Proxy Statement YUM! BRANDS, INC. 11
Name of Committee Number of Meetings
and Members Functions of the Committee in Fiscal 2014
•
•
•
•
•
•
•
•
•
Name of Committee Number of Meetings
and Members Functions of the Committee in Fiscal 2014
•
•
•
•
GOVERNANCE OF THE COMPANY
Proxy Statement