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.