Pizza Hut 2014 Annual Report Download - page 42

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15MAR201511093851
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 2015. The Audit Committee
of the Board of Directors has selected KPMG to audit our consolidated financial statements. During fiscal 2014, 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 2014 and 2013?
.................................................................................................................................................................................................................................................................................................................................................................................
The following table presents fees for professional services rendered by KPMG for the audit of the Company’s annual financial
statements for 2014 and 2013, and fees billed for audit-related services, tax services and all other services rendered by KPMG for
2014 and 2013.
Audit fees(1) $6,788,000 $6,340,000
Audit-related fees(2) 615,000 360,000
Audit and audit-related fees 7,403,000 6,700,000
Tax fees(3) 438,000 980,000
All other fees ——
TOTAL FEES $7,841,000 $7,680,000
(1) Audit fees 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 include audits of financial statements of certain employee benefit plans, agreed upon procedures and other attestations.
(3) Tax fees consist principally of fees for international tax compliance, tax audit assistance, and VAT and other tax advisory services.
20 YUM! BRANDS, INC. 2015 Proxy Statement
2014 2013
MATTERS REQUIRING SHAREHOLDER ACTION
Proxy Statement