2023 universal registration document

2.3.2. Activities of the Board of Directors

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 sustainability, 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 position 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 governed by a set of Internal Rules. These rules are reproduced in full in this document. They are also available on the website 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 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.