Governance

At Philips, we live up to the highest standards of ethics and governance in our culture and practices.

Governance

At Philips, we live up to the highest standards of ethics and governance in our culture and practices.

Corporate governance

For many years, Philips has pursued a consistent policy to optimize its corporate governance in line with Dutch, US and international best practices.

Responsible leadership

The Board of Management is entrusted with the management of the company and is supported by the other members of the Executive Committee in the fulfilment of its managerial duties.

Meet our Executive Committee members

Independent supervision

The Supervisory Board supervises the policies and management and the general affairs of Philips, and assists the Board of Management and the Executive Committee with advice.

Meet our Supervisory Board members

Shareholder meetings

The Board of Management and the Supervisory Board are accountable to the General Meeting of Shareholders.

General Business Principles

Acting with integrity is at the heart of our culture, and is part and parcel of our company’s mission and vision. While pursuing our business objectives, we aim to be a responsible partner in society, acting with integrity towards our employees, customers, business partners and shareholders, as well as the wider community in which we operate.

Risk management

Risk management forms an integral part of the business planning and review cycle. The company’s risk and control policy is designed to provide reasonable assurance that objectives are met by integrating management control into the daily operations, by ensuring compliance with legal requirements and by safeguarding the integrity of the company’s financial reporting and its related disclosures.

External Auditor

The external auditor of Royal Philips is appointed by the General Meeting of Shareholders in accordance with the Articles of Association. The current external auditor, Ernst & Young Accountants LLP, was appointed by the General Meeting of Shareholders on May 7, 2015, for a term of four years starting January 1, 2016 and was re-appointed at the Annual General Meeting of Shareholders May 9, 2019 for a term of three years starting January 1, 2020.

Auditor policy

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