Every year, the L’Oréal Board of Directors determines L’Oréal’s strategic directions, which integrate the challenges of climate change and, more generally, the issues of sustainable development, ethics and the sense of purpose (raison d’être) to “Create the Beauty that moves the world”. The Board ensures these strategic directions are implemented, in accordance with its corporate interest, taking the social and environmental challenges of its business activity into consideration.
The economic and financial positionn and the cash position are reviewed at least twice a year at a Board meeting, when the annual financial statements are approved and when the interim financial statements are reviewed, or at any other time if necessary.
Each of the four Consultative Committees set up by the Board of Directors to work on topics falling within their field of expertise is involved in determining and monitoring the strategy. The Committees’ work systematically gives rise to a report presented by their Chairman/Chairwoman at Board meetings.
The work of the Board of Directors is based on Internal Rules, reproduced in full in this document and also available on loreal-finance.com. They are regularly updated by the Board of Directors in order to take account of the changes in the laws and regulations, best corporate governance practices and its own modus operandi, particularly within the scope of the annual evaluation of its work. The latest updates to the Internal Rules were made on 9 February and 13 October 2022. These updates involved changing the minimum number of shares that must be held by Directors and incorporating the updated “Code of Conduct for the provision of services that may be entrusted to the Statutory Auditors of the L’Oréal Group and to their networks”.
The composition of L’Oréal’s Board of Directors, the rules it applies to its work, its modus operandi, and the work that it has carried out in the year, evaluated on an annual basis by the Directors, as well as the decisions made, are described in more detail in sections 2.2. and 2.3.
| Composition | Independence ◆ | Number of meetings in 2022 | Attendance rate | Board Committees |
|---|---|---|---|---|
| 16 Directors | 16 Directors Independence ◆50% |
16 Directors Number of meetings in 20227 |
16 Directors Attendance rate97.5% |
16 Directors Board Committees4 |
◆ Independence within the meaning of the criteria of the AFEP-MEDEF Code as assessed by the Board of Directors. Excluding Directors representing the employees.
The work and agendas were prepared so as to cover all of the subjects within the Board’s remit and to meet the expectations expressed by the Directors in the annual evaluation of the modus operandi of the Board.
The Board of Directors is consistently informed of the work of the various Committees by each Chairman and bases its decisions on their recommendations.
Composition of the Board of Directors:
Composition of the Committees:
Extension of the separation of offices:
