Investor Relations

Committees

The Supervisory Board, while retaining overall responsibility, has assigned certain tasks to the following committees: Audit Committee, Remuneration committee, Corporate Governance and Nomination & Selection Committee, Quality & Regulatory Committee.

 

Each committee reports to the Supervisory Board.

Audit Committee

 

The Audit Committee assists the Supervisory Board in fulfilling its oversight responsibilities for the integrity of Philips’ financial statements, the financial reporting process, the system of internal business controls and risk management, the internal and external audit process, the internal and external auditor’s qualifications, its independence and its performance as well as Philips’ process for monitoring compliance with laws and regulations and the General Business Principles.

 

Philips has appropriate procedures in place for the receipt, retention and treatment of complaints received by Philips regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by employees of Philips of concerns regarding questionable accounting or auditing matters.

 

The report of the Audit Committee is included in the Supervisory Board Report.

Members

 

J. Tai - Member of the Supervisory Board

N. Dhawan - Member of the Supervisory Board

O. Gadiesh - Member of the Supervisory Board

D. Pyott - Member of the Supervisory Board

Nomination & Selection Committee

 

The Corporate Governance and Nomination & Selection Committee reviews the corporate governance principles applicable to Philips.

 

It also (a) draws up selection criteria and appointment procedures for members of the Supervisory Board, the Board of Management and the Executive Committee; (b) assesses the size and composition of the Supervisory Board, the Board of Management and the Executive Committee, makes proposals for a composition profile of the Supervisory Board; (c) assesses the functioning of individual members of the Supervisory Board, the Board of Management and the Executive Committee; (d) consults with the President/CEO and the Board of Management on candidates to fill vacancies on the Supervisory Board, the Board of Management and the Executive Committee. It further supervises the policy of the Board of Management on the selection criteria and appointment procedures for Philips Executives.

 

The report of the Corporate Governance and Nomination & Selection Committee is included in the Supervisory Board Report.

Members

 

J. van der Veer - Chairman of the Supervisory Board

C.A. Poon - Vice-chairman of the Supervisory Board

H. von Prondzynski - Member of the Supervisory Board

Remuneration Committee

 

The Remuneration Committee prepares the proposal for the remuneration policy to be pursued for the remuneration of the members of the Board of Management and the Executive Committee to be adopted by the Supervisory Board.

 

The Remuneration Committee reports annually to the Supervisory Board on the implementation of this remuneration policy. Furthermore the Supervisory Board, through the Remuneration Committee, implements this policy and determines on the basis of this policy the remuneration of the individual members of the Board of Management and other members of the Executive Committee.

 

The report of the Remuneration Committee is included in the Supervisory Board Report.

Members

 

H. von Prondzynski - Member of the Supervisory Board

C.A. Poon - Vice-chairman of the Supervisory Board

J. van der Veer - Chairman of the Supervisory Board

Quality & Regulatory Committee

 

The Quality & Regulatory Committee assists the Supervisory Board in fulfilling its oversight responsibility with respect to the quality of the company’s products, systems, services, and software and the development, testing, manufacturing, marketing and servicing thereof and regulatory requirements relating thereto. To this purpose, quality and regulatory dashboards and the status of ongoing internal and external audits are discussed within this Committee. Furthermore, the Quality & Regulatory Committee assesses the culture of quality within the company and measures taken to enhance this culture and awareness. Relevant regulatory developments, such as developments in healthcare regulations globally, are also discussed within this Committee.

 

The report of the Quality & Regulatory Committee is included in the Supervisory Board Report.

Members

 

C.A. Poon - Vice-chairman of the Supervisory Board

H. von Prondzynski - Member of the Supervisory Board

D. Pyott - Member of the Supervisory Board

J. Tai - Member of the Supervisory Board