Management

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.

(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.
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 2020.

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