Philips General Meeting of Shareholders approves re-appointment of management, Supervisory Board members and proposal for dividend payment in 2007

 

Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that the Annual General Meeting of Shareholders, held in Amsterdam on March 29, has approved the re-appointment of Mr. Gerard Kleisterlee, President & CEO, for four years, effective April 1, 2007.

The General Meeting of Shareholders also approved the re-appointment of Dr. Gottfried Dutiné, Executive Vice-President of Royal Philips Electronics and a member of the Board of Management for four years effective April 1, 2007. Mr. Steve Rusckowski, CEO of Philips Medical Systems, was appointed by the General Meeting of Shareholders as a member of the Board of Management, effective April 1, 2007.

 

Furthermore, Mr. Heino von Prondzynski was appointed by the General Meeting of Shareholders as a member of the Philips Supervisory Board, while Mr. Jan-Michiel Hessels, Mr. Cees van Lede and Mr. John Munro Thompson were re-appointed as members of the Supervisory Board. All appointments to the Supervisory Board have become effective as of today, March 29, 2007.

 

The General Meeting of Shareholders also approved Philips’ proposal to increase the annual dividend payment in 2007 to EUR 0.60 per share, compared with EUR 0.44 in 2006. Mr. Pierre-Jean Sivignon, Chief Financial Officer, explained: “With the substantial progress that has been made in stabilizing and improving the performance of the company we believe that it is appropriate at this time to increase the payout ratio to 40%-50%, which is an increase from 25%-35%. The measure is based on continuing net income, meaning recurring net income from continuing operations, so excluding non-recurring items.”

 

For further information about the Annual General Meeting of Shareholders, please click here.

For more information, please contact:

Arent Jan Hesselink

Philips Corporate Communications
Tel:  +31 20 59 77415   
Email:  arentjan.hesselink@philips.com


About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of EUR 30.3 billion in 2004. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,100 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter


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This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items, in particular the outlook paragraph in this report.
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