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2 years ago

May 16, 2022

CLare Dominic

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Shareholders oppose millions of bonuses for Philips top,

Philips shareholders voted against bonuses for the top executives at the company’s shareholders’ meeting on Tuesday. They are not happy about the financial results of the past year and the debacle with the sleep apnea machines. It was an advisory vote. Philips “takes the feedback with it,” the company says.

During the meeting, after several questions, it became clear that few shareholders supported the bonuses for the company top. Due to the bad year, they were already lower than planned, but even then most shareholders could not support them. 79 percent voted against the planned fees.

CEO Frans van Houten achieved 64 percent of his target. The performance of the chief financial officer and the chief legal officer also remained below par.

Philips has been under fire since July last year because problems arose with its ventilators. The first-generation DreamStation devices of five years or older mainly led to problems in humid or hot environments.

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The foam of the machines could crumble in heat or humidity and if the machine was not cleaned properly. Harmful gases could also be released.

There were people who, among other things, got headaches and breathing problems from the foam. The gases could lead to hypersensitivity. Possibly both were also carcinogenic and toxic.

Profit was 39 percent lower

The company had to recall millions of devices and set aside some 800 million euros for the handling of the matter. As a result, the profit was about 39 percent lower this year at 612 million euros.

Whether or not the top of Philips gets its bonuses is not yet clear. The supervisory board will discuss the issue and “take the feedback from the shareholders into account”.

Van Houten himself reacted briefly to the issue. “I am very involved with Philips, have been working here all my life, have a lot of Philips shares myself and I feel the pain too. I’ll stick to that.”