Proactive, committed directors with complementary skills
The composition of the Board reflects L’Oréal’s unique shareholding structure and guarantees the interests of all its shareholders.
As of 31 December 2021, the Board of Directors was composed of the Chairman and the Chief Executive Officer, three directors representing the Bettencourt Meyers family (one of whom is Vice-Chairman of the Board), two from the Nestlé company (one of whom is Vice-Chairman of the Board), seven independent directors and two directors representing the employees. In 2021, the Board welcomed a new independent director, Mr Alexandre Ricard, Chairman & CEO of Pernod Ricard.
Board members therefore represent seven different nationalities, with 50% women and 50% independent directors.
Three of the four committees are chaired by independent female directors.
The directors draw on a diverse, complementary range of industrial, entrepreneurial, financial and non-financial expertise, ensuring swift insight into the development challenges facing L’Oréal, the leader of a globalised, highly competitive cosmetics market in which the need to innovate and adapt is crucial. Most have experience managing international groups at the highest level. The diverse experience and expertise they bring foster free, informed and spontaneous discussions.
A board that fully assumes its responsibility to provide strategic impetus
The directors are committed and proactive, driven by the conviction that stringent governance creates value for the company. They play a tireless, dynamic role in the work of the Board and its committees. Board committees issue detailed, insightful, reasoned recommendations that feed into the Board’s discussions and inform its decisions. The Board is constantly focused on ensuring the long-term future and development of L’Oréal, taking into account its purpose as well as the social and environmental implications of its activities.
The Board carries out a full review of its modus operandi and organisation every year from a continuous improvement perspective. During this annual review it determines which topics to prioritise, providing the impetus for L’Oréal’s long-term strategy.
In addition, the directors meet in executive session at least once a year
Ethics at the heart of L’Oréal’s governance and commitments
The Board of Directors places great importance on respecting L’Oréal’s ethical principles—Integrity, Respect, Courage and Transparency—and more generally its Code of Ethics. The Chief Ethics, Risk & Compliance Officer regularly presents the ethics strategy and the initiatives taken in this field, as well as their results. The Board considers this strategy to be an integral part of L’Oréal’s growth model; it supports its implementation and measures the advances made.
