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Shareholders of Koninklijke Philips N.V. (NYSE:PHG) voted in opposition to discharging its board from its tasks for 2022, a yr by which the Dutch healthcare firm misplaced billions of {dollars} in its market cap amid a product recall.
The transfer means Philips (PHG) administration won’t be secure from potential authorized challenges as, within the Netherlands, an organization requires shareholder approval yearly to free its board members from legal responsibility for his or her conduct.
The choice comes at a time when Philips (PHG) is grappling with a recall of thousands and thousands of sleep and respiratory units.
“Shareholders voted in opposition to the discharge of the collective members of the Board of Administration,” the well being tools maker stated in a press release.
“This follows the voting steerage from sure proxy advisors to sign discontent in respect of 1 former member of the Board of Administration.”
Its vote in opposition to the discharge was aimed toward indicating displeasure over how former Philips (PHG) Frans van Houten managed the fallout from the recall, Reuters reported VEB, the Dutch affiliation of shareholders, as saying.
Extra on Philips
- Philips inventory rises ~10% as Q1 earnings develop, €575M provision for recall swimsuit
- Philips: Litigation Will Doubtless Be An Overhang On The Inventory Close to Time period
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