2021 UNIVERSAL REGISTRATION DOCUMENT

Responsibility of the Statutory Auditors

Based on our work, it is our responsibility to express a reasonable assurance conclusion on the Selected information. It is not our responsibility to express such a conclusion on other information.

Independence and quality control

Our independence is defined by the provisions set out in Article L.822-11-3 of the French Commercial Code and the code of ethics for the profession of statutory auditor. In addition, we have set up a quality control system that includes documented policies and procedures aimed at ensuring compliance with applicable legal and regulatory texts, ethical rules and the professional doctrine of the National Company of Auditors relating to to this intervention.

Nature and scope of procedures

We performed our work as described below in accordance with the professional guidance issued by the French Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this engagement and with international standard ISAE 3000 (Asssurance engagements other than audits or reviews of historical financial information).

We planned and performed our work taking into account the risk of material misstatement of the Selected Information.

We believe that the procedures we have carried out by exercising our professional judgment allow us to form a conclusion of reasonable assurance:

• We examined the Guidelines set up by L’Oréal with regard to their relevance, completeness, reliability, neutrality and clarity, taking into consideration, where applicable, best practices in the sector;
• We took note of the internal control and risk management procedures put in place by the entity and assessed the collection process aimed at the completeness and sincerity of the Selected information;
• We have implemented analytical procedures consisting in verifying the correct consolidation of the data collected as well as the consistency of the changes;
• We have implemented detailed tests, on the basis of surveys or other means of selection, consisting of verifying the correct application of the definitions and procedures and reconciling the data with the supporting documents. This work was carried out with a selection of contributing entities, namely:
  • for selected human resources information: the activities in France, Canada and Taiwan, representing 20% of the Group’s headcount;
  • for selected social information: the L’Oréal head office which centralizes all the information;
  • for selected environmental, health and safety information: South Africa (Midrand), Germany (Karlsruhe), Brazil (Sao Paulo),Canada, (Montéral, DC Ville Saint Laurent), China (Suzhou, DC China), Egypt (Cairo), United States (Florence, DC North Little Rock, DC Mc Calla, DC Walton), France (Ormes, Saint Quentin, DC Creuzier Le Neuf, DC Essigny), India (Pune),Indonesia (Jakarta), Italy (Settimo), Japan (Gotemba), Mexico (Mexico, San Lui Potosi), Poland (Warsaw), Russia (Vorsino),Turkey (Istanbul), representing 47% of Group activity (in units of finished goods reviewed).

To assist us in carrying out our work, we called on our specialists in sustainable development and social responsibility. We conducted interviews with the persons responsible for preparing the Selected information, in particular representing the General Management of Operations, Human Relations, Purchasing, and Environmental and Social Responsibility Departments.

David Dupont-Noel

Partner