General Business Principles

The General Business Principles set the standard for acting with integrity at Philips. They govern all our decisions and actions throughout the world and apply equally to our group actions and to our conduct as individuals.

 

The General Business Principles are an integral part of Philips’ labor contracts and are available in 32 languages.

 

To drive the practical deployment of the General Business Principles, detailed underlying policies are in place that can be adapted as needed to reflect ongoing (regulatory) developments, both internal and external. Furthermore, separate Codes of Ethics apply to employees working in specific areas of our business, i.e. the Procurement Code of Ethics and the Financial Code of Ethics. The Financial Code of Ethics contains, among other things, standards to promote honest and ethical conduct, as well as procedures for full, accurate and timely disclosure in order to avoid conflicts of interest.

 

The following standards served, amongst others, as reference in the preparation of the Philips General Business Principles and may be a useful source of additional information: Universal Declaration of Human Rights, UN Guiding Principles on Business and Human Rights, The eight fundamental Conventions of the International Labour Organization, nos. 87, 98, 29, 105, 138, 182, 100 and 111, UN Global Compact, International Chamber of Commerce (ICC) Code of Advertising and Marketing Communication Practice, OECD Guidelines on the Protection of Privacy and Transborder Flows of Personal Data, OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, OECD Guidelines for Multinational Enterprises, United Nations Council Resolutions on export controls.