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Higher bonuses for Philips executives

Monday 25 February 2013

Senior executives at electronics giant Philips were given sharply higher bonuses in 2012 than 2011, the company's annual report shows.

Chief executive Frans van Houten was given a bonus of €1.3m on top of his basic salary of €1.1m, the report, published on Monday, said. In 2011, his bonus totalled €363,000. Van Houten joined the company in April 2011.

Financial chief Ron Wirahadiraksa's bonus rose from almost €150,000 in 2011 to almost €525,000, on top of a salary of €600,000. Other executives had similar rises.

The company is proposing to introduce a new system of long-term bonuses from 2013 and the issue is on the agenda for the May AGM.

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Readers' Comments

the company is going down in ruins where as the top keeps rewarding itself. ever since van houten took over the company seems to be loosing more and more.

By sid | 25 February 2013 4:23 PM

Why?

By Lewis | 25 February 2013 5:35 PM

And how many employees has Philips kicked out in the past year? Unbelievable.....

By Mus | 26 February 2013 12:38 AM

So they cut people jobs and pay themselves obscene amnout of bonus for it? Companies that cut jobs should be banned from paying bonus to top executives.

By ufo | 26 February 2013 8:56 AM