The Netherlands: Phillips' AGM: Shareholders reject proposed bonus package

The Annual General Meeting of Royal Philips Electronics was held last week in Amsterdam. At the AGM, according to a report in the Financial Times:

For the first time in Dutch corporate governance history, a majority of shareholders objected to a proposal that would give directors of the consumer electronics giant share options even if the company underperformed. The executive bonus package was rejected by 57 per cent of the votes at the agm and received the strong backing of both the group's foreign investors as well as local Dutch shareholders.