Higher bonuses for Philips executives

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.