Philips 2015 Annual Report Download - page 74

Management 8
74 Annual Report 2015
8 Management
Koninklijke Philips N.V. is managed by an Executive
Committee which comprises the members of the Board
of Management and certain key ocers from functions,
businesses and markets.
The Executive Committee operates under the
chairmanship of the Chief Executive Ocer and shares
responsibility for the deployment of Philips’ strategy
and policies, and the achievement of its objectives and
results.
In September 2014 Philips announced its plan to
sharpen its strategic focus by establishing two stand-
alone companies focused on the HealthTech and
Lighting opportunities respectively. Early 2016, a stand-
alone structure for Philips Lighting was established,
within the Royal Philips Group. Until the right strategic
option for its future is identied and executed, the Royal
Philips Executive Committee will, under the supervision
of the Supervisory Board, continue to oversee the
Philips Lighting business.
Under Dutch Law, the Board of Management is
accountable for the actions of the Executive Committee
and has ultimate responsibility for the management
and external reporting of Koninklijke Philips N.V. and is
answerable to shareholders at the Annual General
Meeting of Shareholders. Pursuant to the two-tier
corporate structure, the Board of Management is
accountable for its performance to a separate and
independent Supervisory Board.
The Rules of Procedure of the Board of Management
and Executive Committee are published on the
Company’s website (www.philips.com/investor).
Corporate governance
A full description of the Company’s corporate
governance structure is published in chapter 11,
Corporate governance, of this Annual Report.
Frans van Houten
Born 1960, Dutch
President/Chief Executive Officer (CEO)
Chairman of the Board of Management since April 2011
Group responsibilities: Chairman of the Executive Committee, Health
Systems, Internal Audit, Information Technology, Supply Management,
Innovation & Strategy, Sustainability, Accelerate! - Overall transformation,
End2End, Quality and Regulatory Compliance
Abhijit Bhattacharya
Born 1961, Indian
Executive Vice President &
Chief Financial Officer (CFO)
Member of the Board of Management since December 2015
Group responsibilities: Finance, Capital structure, Mergers & Acquisitions,
Investor Relations, Accelerate! - Operating Model
Marnix van Ginneken
Born 1973, Dutch/American
Executive Vice President & Chief Legal Officer
Group responsibilities: Legal and General Secretary