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  • Management
    Management

    Board of Management and Executive Committee

     

    The Board of Management is entrusted with the management of Koninklijke Philips N.V. Certain key officers have been appointed to support the Board of Management in the fulfilment of its managerial duties. The members of the Board of Management and these key officers together constitute the Executive Committee. Under the chairmanship of the President/Chief Executive Officer (CEO), they drive the company’s management agenda and share responsibility for the continuity of the Philips group, focusing on long-term value creation and taking into account the interests of shareholders and other stakeholders.

     

    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

  • (Re-)appointment
    (Re-)appointment

    (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
    2021
    * As laid down in the Articles of Association
  • Remuneration
    Remuneration

    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

    Long-Term Incentive Plan

    A full and detailed description of the composition of the remuneration of the individual members of the Board of Management is included in the yearly Remuneration Report, as included in the company’s Annual Report.

    Remuneration Report 2019

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