Board of Directors

More than ever, L’Oréal is driven by tremendous energy.

Chairman’s Message

Jean-Paul Agon
Chairman of the Board of Directors

In a turbulent environment, L’Oréal showed outstanding agility and overcame a series of challenges thanks to the assets that make it strong.

The first of these assets is our people: the L’Oréalians. They are the secret to our company’s success. Their determination to go that extra mile and their spirit of solidarity were, once again, exemplary. They have my utmost admiration.

Nicolas Hieronimus’ inspiring leadership was of course crucial in guiding teams and unlocking the impressive growth momentum in our sales, market shares and results. He and the Executive Committee succeeded in swiftly rising to challenges while seizing every opportunity in an ever-changing market. The complementarity of our roles as Chairman and CEO is crucial in pursuing L’Oréal’s ambitious and harmonious development.

I know our people are utterly committed to fighting for a more sustainable planet and a more caring world. As Chairman, I will always ensure L’Oréal continues to embody and inspire change with perseverance, ambition and sincerity.

Dual financial and social excellence will always be at the heart of our business model.

On behalf of the Board of Directors, I would like to thank and congratulate our CEO, the members of the Executive Committee and all our employees around the world for their remarkable achievements.

L’Oréal’s highly demanding governance is also one of its fundamental assets. With their wide-ranging expertise and fruitful exchanges, our directors foster a long-term vision and set a clear course for the Group. This year, the Board focused on strategies in Research & Innovation, Beauty Tech and Green Sciences, as well as our corporate social and environmental responsibility.

Another key asset is the loyalty of our shareholders, with whom the Group has a very close relationship. In this respect, 2022 was a year to remember in terms of the many awards received by L’Oréal for the quality of its financial communications.

Finally, our founding principles never waver. They give us the stability to weather any storm. Underpinned by entrepreneurial spirit, boldness, imagination and ethics, L’Oréal is full of resources, thrives on its diversity and is concerned about the world we live in.

All of these assets fill me with immense confidence in the future.

We are perfectly prepared to create the best of beauty. Our market is solid, our value creation model is balanced and virtuous. Our governance is robust and vigilant. Our teams are talented and determined. Our brands are strong and inclusive. Innovation is in our DNA and greatly augmented by our Beauty Tech and digital edge.

More than ever, L’Oréal is driven by tremendous energy.

A proactive, committed Board of Directors with complementary skills

The composition of the Board guarantees the interests of all shareholders and reflects L’Oréal’s unique shareholding structure.

As of 31 December 2022, 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 ViceChairman of the Board), two from the Nestlé company (one of whom is ViceChairman of the Board), seven independent directors and two directors representing the employees.

Board members represent five different nationalities, with 50% women and 50% independent directors. Three of the four committees are chaired by independent directors.

In 2022, the Board welcomed two new members: Mr Thierry Hamel and Mr Benny de Vlieger, as directors representing employees.

The directors draw on a diverse, complementary range of industrial, entrepreneurial, financial and ESGrelated expertise, ensuring swift insight into the development challenges facing L’Oréal, the leader of a globalised, highly competitive cosmetics market in which sustainable innovation and adaptation are crucial. Most have experience managing international groups at the highest level.

The diverse experience and expertise they bring ensures free, informed and spontaneous discussions.

A board that fully assumes its responsibility to provide strategic impetus

The Board devotes most of its time to strategic issues, to foster and accelerate the Group’s transformation into an ever more digital and more sustainable L’Oréal.

This image will not appear while you are browsing the site in energy-saver mode

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 longterm future and development of L’Oréal, taking into account its purpose as well as the social and environmental implications of its activities.

In October 2022, the directors benefited from a course on CSR issues delivered by internal and external experts.

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 longterm 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.