Board of Management and Executive Committee

Royal Philips has a two-tier board structure consisting of a Board of Management and a Supervisory Board, each of which is accountable to the General Meeting of Shareholders for the fulfillment of its respective duties. The Board of Management is entrusted with the management of the company. The other members of the Executive Committee have been appointed to support the Board of Management in the fulfillment of its managerial duties.

The Rules of Procedure for the Board of Management and Executive Committee include provisions regarding meetings, resolutions, minutes, (vice) chairmanship, trading in securities and conflicts of interests.

Rules of Procedure of the Board of Management and Executive Committee (70.0KB)

(Re-)appointment

Members of the Board of Management and the President/CEO are appointed for a maximum term of four years, it being understood that this maximum term expires at the end of the following shareholders’ meeting to be held in the fourth year after the year of their appointment or, if applicable, on a later pension or contractual termination date in that year, unless the General Meeting of Shareholders resolves otherwise. Re-appointment is possible for consecutive maximum terms of four years.

(Re-)appointment Schedule Board of Management

Name	Date of initial Appointment	Date of (last) Reappointment	End of Term*
Frans van Houten	April 1, 2011	May 9, 2019	2023
Abhijit Bhattacharya	December 18, 2015	May 9, 2019	2023
Marnix van Ginneken	November 1, 2017	May 6, 2021	2025

*As laid down in Articles of Association

Remuneration

The remuneration of the individual members of the Board of Management is determined by the Supervisory Board on the proposal of the Remuneration Committee of the Supervisory Board, and is consistent with the current Remuneration Policy for members of the Board of Management, as adopted by the General Meeting of Shareholders in 2020. The objectives of the Remuneration Policy for the Board of Management are in line with those for Philips Executives throughout the Philips group: to focus them on delivering on our mission, vision and strategy, to motivate and retain them, and to create stakeholder value. Please refer to the Remuneration Policy for more information on its objectives and principles. In 2020, the General Meeting of Shareholders also approved the current Long-Term Incentive Plan for members of the Board of Management.

Remuneration Policy (170.0KB)

Long-Term Incentive Plan (103.0KB)

A full and detailed description of the composition of the remuneration of the individual members of the Board of Management is included in the report of the Remuneration Committee, which comprises the Remuneration Report 2021.

Remuneration Report 2021 (318.0KB)

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