Year ended December 31, 2022
This is a free English translation of the report by one of the Statutory Auditors issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.
L'OREAL
14, rue Royale
75008 Paris
To the chairman of the Board, Further to your request and in our quality as Statutory Auditors of your Company (hereafter “Entity”), we have undertaken a reasonable assurance engagement on a selection of consolidated social, societal, environmental and health and safety information (hereinafter, the “Information”), detailed in Annex 1, that the Entity has chosen to prepare in accordance with its protocols (hereinafter, the “Guidelines”), for the year ended on 31 December 2022, presented in L’Oréal Group management report (hereinafter, the “Management Report”).
In our opinion, based on the procedures we have performed as described under the “Nature and scope of procedures” and the evidence we have obtained, the Information is prepared, in all material respects, in accordance with the Guidelines.
Inherent limitations in preparing the Information
As stated in the Management Report, the Information may be subject to uncertainty inherent in the state of scientific or economic knowledge and the quality of external data used. Some information is sensitive to the methodological choices, assumptions, and/or estimates used in their preparation and presented in the Management Report.
As part of this voluntary approach, it is the responsibility of the Entity to prepare the Information in accordance with the Guidelines, and of which a summary is included in the Management Report and availabl on request from the General Management of Operations, Human Resources, Purchasing, and Environmental and Social Responsibility departments.
We are responsible, in response to the Entity's request, based on our work, to express a reasonable assurance conclusion that the Information is prepared, in all material aspects, in accordance with the Guidelines.
It is not our responsibility to report on the entire Management Report for the year ended on the 31 December 2022 or on the compliance with other applicable legal provisions.
Our work was carried out in accordance with the professional guidance issued byhe French Institute of Statutory Auditors(Compagnie Nationale des Commissaires aux Comptes) and ISAE 3000 (revised) standard "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information" published by the IAASB (International Auditing and Assurance Standard Board).
Our independence is defined by the French Code of Ethics for Statutory Auditors (Code de deontologies) of our profession. In addition, we have implemented a system of quality control system including documented policies and procedures aimed at ensuring compliance with applicable legal and regulatory requirements, ethical requirements and the professional guidance by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement.
Means and resources
Our work engaged respectively the skills of nine people in Deloitte’s teams and seven people in EY’s teams between September 2022 and March 2023.
