4) AMF summary table
The table set out below, presented in the form recommended by the French Financial Markets Authority (AMF), clearly shows that there are no concurrent benefits under the suspended employment contract and the corporate office. It is also stated that the AMF considers that a company complies with the AFEP-MEDEF Code when it explains the maintenance of the employment contract of a senior manager as an employee in the Company and his personal situation and provides detailed substantiation in this respect(1)
| Employment contract |
Supplementary pension scheme (2)M. Nicolas Hieronimus relève du régime de « Garantie de Ressources des Retraités Anciens Cadres Dirigeants » également décrite au chapitre 4. Ce régime de retraite à prestations définies conditionne la constitution de droits à prestations à l’achèvement de la carrière du bénéficiaire dans l’entreprise ; leur financement par L’Oréal n’est pas individualisable par salarié. |
Indemnities or benefits due or which may become due as a result of termination or change of duties (3) Aucune indemnité n’est due au titre de la cessation du mandat social. Au titre du contrat de travail, en application du barème de la Convention Collective Nationale des Industries Chimiques, en cas de licenciement, sauf faute grave ou lourde, l’indemnité de licenciement ne pourrait être supérieure, à 20 mois de la rémunération liée au contrat de travail (voir 2.4.3.4. sur le montant cumulé de l’indemnité conventionnelle et de l’indemnité de contrepartie de la clause de non-concurrence). |
Indemnities relating to a non-compete clause(4) | |||||
|---|---|---|---|---|---|---|---|---|
| Yes | No | Yes | No | Yes | No | Yes | No | |
| Mr Jean-Paul Agon Chairman of the Board | X | X | X | X | ||||
| Mr Nicolas Hieronimus(1) Chief Executive Officer | X | X | X | X | ||||
(1) Mr Nicolas Hieronimus has been a Director since 20 April 2021, and has served as Chief Executive Officer since 1 May 2021. Mr Nicolas Hieronimus’ employment contract is suspended for the entire length of his executive corporate office. This suspension was approved by the Annual General Meeting on 20 April 2021.
(2) Mr Nicolas Hieronimus belongs to the “Garantie de Ressources des Retraités Anciens Cadres Dirigeants” (Retirement Income Guarantee for Former Senior Managers) scheme, details of which are given in chapter 4. This defined benefit pension scheme makes the granting of entitlement to benefits conditional on the beneficiary finishing their career in the company; L’Oréal does not finance them on an individual basis per employee.
(3) No indemnity is due for termination of the corporate office. Under the employment contract, pursuant to the schedule of indemnities of the French National Collective Bargaining Agreement for the Chemicals Industry, in the event of dismissal, except in the event of gross misconduct or gross negligence, the dismissal indemnity could not be greater than 20 months of the remuneration payable under the employment contract (see paragraph 2.4.3.4. on the cumulative amount of the contractual indemnity and the indemnity due in consideration of the non-compete clause).
(4) In respect of the employment contract, pursuant to the provisions of the National Collective Bargaining Agreement for the Chemical Industries, in the event of termination of the employment contract (excluding voluntary or compulsory retirement), the indemnity due in consideration of the non compete clause would be payable every month for two years on the basis of two thirds of the monthly fixed remuneration related to the employment contract unless the executive corporate officer were to be released from application of the clause (see 2.4.3.4. on the accumulated amount of the convention indemnity and the indemnity due in consideration of the non-compete clause).
| 2023 | 2022 | |||
|---|---|---|---|---|
|
In € |
Amounts allocated | Amounts paid | Amounts allocated | Amounts paid |
|
Fixed remuneration |
1,600,000 | 1,600,000 | 1,600,000 | 1,600,000 |
|
Annual variable remuneration |
- | - | - | - |
|
Exceptional remuneration |
- | - | - | - |
|
Remuneration for term of office as Director |
- | - | - | - |
|
Benefits in kind |
- | - | - | - |
| TOTAL | 1,600,000 | 1,600,000 | 1,600,000 | 1,600,000 |
SUMMARY TABLE OF REMUNERATION AND PERFORMANCE SHARES AWARDED TO M. JEAN-PAUL AGON, CHAIRMAN OF THE BOARD OF DIRECTORS
| In € | 2023 | 2022 |
|---|---|---|
|
Remuneration due in respect of the financial year |
Remuneration due in respect of the financial year 20231,600,000 |
Remuneration due in respect of the financial year 20221,600,000 |
|
Value of performance shares granted during the financial year |
Value of performance shares granted during the financial year 2023N/A |
Value of performance shares granted during the financial year 2022N/A |
|
TOTAL |
TOTAL 20231,600,000 |
TOTAL 20221,600,000 |
HISTORY OF THE STOCK OPTIONS GRANTED TO MR JEAN-PAUL AGON SINCE HIS APPOINTMENT AS A CORPORATE OFFICER THAT CAN STILL BE EXERCISED AT 31 DECEMBER 2023
N/A.
TABLE OF SHARE SUBSCRIPTION OR PURCHASE OPTIONS EXERCISED BY MR JEAN-PAUL DURING FINANCIAL YEAR 2023
N/A.
(1) AMF, Recommendation no. 2012-02, last updated on 5 January 2022.
