Governance

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

Responsible leadership


The Board of Management is entrusted with the management of Koninklijke Philips N.V., supported by certain key officers, together constituting the Executive Committee.

Independent supervision

The Supervisory Board supervises the Board of Management, the Executive Committee and the general course of business of Philips, and advises the executive management thereon.

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.