US Postal Service 2011 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2011 US Postal Service annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 103

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103

2011 Report on Form 10-K United States Postal Service - 59 -
The Compensation and Management Resources
Committee
Ellen C. Williams, Chairman
Mickey Barnett, Member
Louis J. Giuliano, Member
Dennis J. Toner, Member
ITEM 12 — SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
Not applicable to the United States Postal Service. As an
“independent establishment of the executive branch of the
Government of the United States,” we do not issue equity
securities.
ITEM 13 — CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE
CERTAIN TRANSACTIONS
We enter into significant transactions with other
government agencies, as disclosed throughout this report
and the financial statements.
DIRECTOR INDEPENDENCE
All of the Governors of the Postal Service Board of
Governors who are currently serving and have been
appointed by the President of the United States with the
advice and consent of the Senate are independent based
on the New York Stock Exchange definition of
independence.
ITEM 14 — PRINCIPAL ACCOUNTANT
FEES AND SERVICES
In 2002, the Board of Governors selected Ernst & Young
LLP as its independent auditor to perform external
auditing services. In October 2009, the contract was
extended to February 2014 with two option years to
February 2016. As with previous contracts for external
audit services, Ernst & Young LLP will not perform
consulting work for us for the duration of the contract.
Fees for audit services totaled approximately $10.4 million
in 2011, $10.2 million in 2010, and approximately $8.2
million in 2009, including fees associated with the annual
audit, including the reviews of the Postal Service’s
quarterly reports on Form 10-Q and testing of
management’s internal control assessment in accordance
with the Sarbanes-Oxley Act in 2011 and 2010.