Philips has established an Executive Committee, which comprises the President/CEO, the CFO, the Sector CEO’s and certain experienced leaders, allowing functions, businesses and markets to be represented at the highest levels in the Company.
The functions, businesses and markets represented are: innovation, strategy, human resources, legal, and global markets, with a dedicated representation for China as a major growth market.
Under the chairmanship of the President/CEO, the members of the Executive Committee share powers and responsibilities for the management of the Company, the deployment of its strategy and policies, and the achievement of its objectives and results.
Under Dutch Law, Philips’ Board of Management is accountable for the actions and decisions of the Executive Committee and has ultimate responsibility for the Company’s external reporting and is answerable to shareholders of the Company at the Annual General Meeting of Shareholders. Pursuant to the two-tier corporate structure, the Board of Management is accountable for its performance to a separate and independent Supervisory Board.