2023 universal registration document

1. Presentation of the Group – Integrated Report

1.1.3.2. A balanced and committed Board of Directors, which fully plays its role of reflection and strategic impetus

The Board of Directors defines the strategic orientations of L’Oréal and monitors its implementation, in accordance with its corporate interest, taking the social and environmental challenges of its business activity into consideration. It oversees the management of both the financial and non‑financial aspects, and ensures the quality of the information provided to shareholders and to the market.

The composition of L’Oréal’s Board makes it possible to take into account the specific nature of its shareholding structure while guaranteeing the interests of all its stakeholders. At 31 December 2023, the Board of Directors comprised16 members:

  • the Chairman, Mr Jean-Paul Agon;
  • the Chief Executive Officer, Mr Nicolas Hieronimus;
  • three Directors (one of whom is the Board’s Vice- Chairman) from the Bettencourt Meyers family, which owns 34.73% of the share capital – Ms Françoise Bettencourt Meyers, Mr Jean-Victor Meyers and Mr Nicolas Meyers;
  • two Directors (one of whom is the Board’s Vice-Chairman) linked to Nestlé, which owns 20.13% of the share capital – Mr Paul Bulcke and Ms Béatrice Guillaume-Grabisch;
  • seven independent Directors: Ms Sophie Bellon, Ms Fabienne Dulac, Ms Belén Garijo, Ms Ilham Kadri, Ms Virginie Morgon, Mr Patrice Caine and Mr Alexandre Ricard. 50% of the Directors are therefore independent (seven out of 14 excluding the Directors representing the employees); and
  • two Directors representing the employees: Mr Thierry Hamel and Mr Benny de Vlieger.

The Board takes steps to ensure that the Directors come from different backgrounds and that they complement one another due to their different professional experience, their skills and their international exposure (see paragraph 2.2.1.2.) The diversity of skills and expertise on the Board enables it to understand rapidly and in detail the development challenges that L’Oréal faces.

L’Oréal is attentive to compliance with the principle of balanced gender representation on the Board: 50% of its members are womenExcluding Directors representing the employees in accordance with the French Commercial Code (Code de commerce).and two Board Committees out of four are chaired by women.