Management

Philips has a two-tier board structure consisting of a Board of Management under the supervision of a Supervisory Board.

The executive management of Philips is entrusted to its Board of Management under the chairmanship of the President/CEO and consists of at least three members (currently six). The members of the Board of Management have collective powers and responsibilities. They share responsibility for the management of the Company, the deployment of its strategy and policies, and the achievement of its objectives and results.

The Group Management Committee consists of the members of the Board of Management, Chairmen of product divisions and certain key officers. Members other than members of the Board of Management are appointed by the Supervisory Board. The task of the Group Management Committee, the highest consultative body within Philips, is to ensure that business issues and practices are shared across Philips and to implement common policies.

The Supervisory Board supervises the policies of the executive management (the Board of Management) and the general course of affairs of the Company and its affiliates and advises the executive management thereon.