In line with the measures described above, the Supervisory Board and the members of the Board of Management have agreed that the 2019 Annual Incentive for the Board of Management will be paid out in shares instead of cash. More information on the realization of the 2019 Annual Incentive can be found in the Remuneration Report, as included in the 2019 Annual Report (p 70-71).
Regulatory update
Philips continues to fulfill its obligations under the Consent Decree [1] and remains in dialogue with the US FDA. In connection with the COVID-19 pandemic, Philips is working with the FDA's Emergency Response and Product Evaluation teams to provide them with relevant information, such as Philips' production ramp-up plans for critical products and solutions to combat COVID-19. Philips is actively seeking and has obtained authorizations through the FDA's Emergency Use Authorization (EUA) process for the expanded use of several of its devices during the COVID-19 public health emergency, including for the Philips Respironics E30 ventilator, which received authorization on April 8, 2020.
[1] Under the Consent Decree, Philips continues to export its range of AED devices and manufacture and distribute its HS1/OnSite/Home automated external defibrillator (AED) model in the US. The company may also continue to service the AEDs and defibrillator/monitors provided that certain conditions are met and provide consumables and the relevant accessories.
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 81,000 employees with sales and services in more than 100 countries.
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