Company: KHC
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001308179-25-000266
Chunk: 10

Company: Kraft Heinz Co
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 10
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 executive and senior business leaders. During these reviews, management provides the Board with its view of key commercial and strategic risks and opportunities faced by our business. The Board brings its collective, independent judgment to provide robust feedback on management’s identification of key strategic risks and opportunities and appropriate actions to mitigate risk. At subsequent meetings, the Board continues to review the Company’s progress against our long-term strategy and capital allocation plan. In addition, specific areas of strategic risk and opportunity are identified for Board or Committee discussion as specific risks arise or as requested by management or individual directors. The Board’s oversight of strategy is also prominent in our merger, acquisition, divestiture, and corporate development activities. Additionally, the Board annually considers and approves our budget and capital allocation plans, which are linked to our long-term strategic plans and priorities. In 2024, the Board received updates on our operating plan and considered our long-term strategic plan as well as capital allocation plan, discussed our strategic ambitions, and evaluated near-term strategic focus areas at multiple meetings. RISK OVERSIGHT ENTERPRISE RISK MANAGEMENT Our Strategic Enterprise Risk Management (“SERM”) approach is an ongoing process effected at all levels of our operations and across business units and functions to identify, assess, monitor, manage, and mitigate risk over the short, intermediate, and long term. As part of this process, the Company:

| ● | identifies material risks, including operational, strategic, and financial               
 risks                                                                                    |
| ● | assesses and prioritizes risks taking into account various factors such as the potential 
 impact, likelihood of occurrence, and effectiveness of current mitigation strategies     |
| ● | develops plans to monitor, manage, and mitigate material risks                           |

Our SERM process is designed to facilitate open communication between management and the Board to advance the Board’s and Committees’ understanding of our risk management process, how it is functioning, the participants in the process, key risks to our business and performance, and the information gathered through the approach. The Board and Committees may also receive reports from external advisors such as outside counsel and industry experts to further understand critical risk areas. These risks inform Board and Committee discussion topics throughout the year. The Audit Committee oversees the SERM process and is responsible for allocating responsibility for overseeing the review and assessment of key risk exposures to appropriate Committees. The Audit Committee routinely meets privately with representatives from PwC, our independent auditors, as well as our Global Head of Internal Audit, Chief Global Ethics and Compliance Officer, and Global General Counsel and Corporate Affairs Officer. Our Enterprise Risk Committee