2021 UNIVERSAL REGISTRATION DOCUMENT

2.3. Organisation and modus operandi of the Board of Directors

2. Corporate Governance

2.3. Organisation and modus operandi of the Board of Directors

2.3.1. General information on the meetings of the Board of Directors and its Committees in 2021

The Board met eight times in 2021, including an exceptional meeting of the Board of Directors on 5 November 2021 dedicated to the review of the strategic transaction of 7 December 2021 (agreement between L’Oréal and Nestlé relating to L’Oréal’s buyback of 4% of its own shares held by Nestlé).

Four Committees prepare for the discussions and deliberations by the Board. 17 meetings were held in 2021: 5 for the Strategy and Sustainability Committee, 4 for the Audit Committee, 4 for the Nominations and Governance Committee, and 4 for the Human Resources and Remuneration Committee.

Directors may independently propose any subject that is appropriate for good governance to be included on the agenda for work of the Board and its Committees. L’Oréal’s Directors are regularly informed of all the Company’s activities and its performances in a highly competitive universe. Board meetings are generally held in the presence of senior managers of the Company invited to attend on the basis of topical developments at L’Oréal and many aspects of its strategy. In an open, constructive dialogue, exchanges of views, in confidence, contribute to the quality of the Directors’ work. Board discussions, encouraged by the Chairman, take place transparently and in great detail.

Executive sessions

Directors meet at least once a year without the presence of the executive corporate officer, Directors representing employees or any other Group employee (Article 4.2 of the Internal Rules). An executive session was held on 7 December 2021. The Chairman of the Board attended initially, after which he withdrew and the executive session continued without him. The Audit Committee also meets twice a year in the presence of Statutory Auditors and in the absence of any representative from Management, at the end of the meetings dedicated to reviewing the annual and interim financial statements. These two meetings were held on 11 February and 29 July 2021.

Attendance rate

The preparation and holding of Board and Committee meetings requires significant availability and investment by the Directors. In 2021, the attendance rate at Board meetings was 95% on average. The individual attendance rate at Board and Committee meetings is specified below. The allocation of Directors’ fees, based on the rate of attendance by each member at Board meetings and meetings of the various Committees, is described in section 2.4. “Remuneration of directors and corporate officers” of this document.

INDIVIDUAL ATTENDANCE RATES OF DIRECTORS IN 2021 AT BOARD AND COMMITTEE MEETINGS
  Board of Directors Strategy and Sustainability Audit Nominations and Governance Human Resources and Remuneration
Mr Jean-Paul Agon

Mr Jean-Paul Agon

Board of Directors

100%

Mr Jean-Paul Agon

Strategy and Sustainability

100%

Mr Jean-Paul Agon

Audit

 

Mr Jean-Paul Agon

Nominations and Governance

 

Mr Jean-Paul Agon

Human Resources and Remuneration

 

Mr Nicolas Hieronimus (from 20/04/2021) Mr Nicolas Hieronimus (from 20/04/2021)Board of Directors

100%

Mr Nicolas Hieronimus (from 20/04/2021)Strategy and Sustainability

 

Mr Nicolas Hieronimus (from 20/04/2021)Audit

 

Mr Nicolas Hieronimus (from 20/04/2021)Nominations and Governance

 

Mr Nicolas Hieronimus (from 20/04/2021)Human Resources and Remuneration

 

Ms Françoise Bettencourt Meyers

Ms Françoise Bettencourt Meyers

Board of Directors87.5%*

Ms Françoise Bettencourt Meyers

Strategy and Sustainability

100%

Ms Françoise Bettencourt Meyers

Audit

 

Ms Françoise Bettencourt Meyers

Nominations and Governance

100%

Ms Françoise Bettencourt Meyers

Human Resources and Remuneration

100%

Mr Paul Bulcke

Mr Paul Bulcke

Board of Directors87.5%*

Mr Paul Bulcke

Strategy and Sustainability

100%

Mr Paul Bulcke

Audit

 

Mr Paul Bulcke

Nominations and Governance

100%

Mr Paul Bulcke

Human Resources and Remuneration

100%

Ms Ana Sofia Amaral

Ms Ana Sofia Amaral

Board of Directors

100%

Ms Ana Sofia Amaral

Strategy and Sustainability

 

Ms Ana Sofia Amaral

Audit

 

Ms Ana Sofia Amaral

Nominations and Governance

 

Ms Ana Sofia Amaral

Human Resources and Remuneration

100%

Ms Sophie Bellon

Ms Sophie Bellon

Board of Directors

100%

Ms Sophie Bellon

Strategy and Sustainability

 

Ms Sophie Bellon

Audit

75%

Ms Sophie Bellon

Nominations and Governance

100%

Ms Sophie Bellon

Human Resources and Remuneration

100%

Mr Patrice Caine

Mr Patrice Caine

Board of Directors

100%

Mr Patrice Caine

Strategy and Sustainability

100%

Mr Patrice Caine

Audit

 

Mr Patrice Caine

Nominations and Governance

100%

Mr Patrice Caine

Human Resources and Remuneration

 

Ms Fabienne Dulac

Ms Fabienne Dulac

Board of Directors

100%

Ms Fabienne Dulac

Strategy and Sustainability

 

Ms Fabienne Dulac

Audit

75%

Ms Fabienne Dulac

Nominations and Governance

 

Ms Fabienne Dulac

Human Resources and Remuneration

100%

Ms Belén Garijo

Ms Belén Garijo

Board of Directors87.5%*

Ms Belén Garijo

Strategy and Sustainability

 

Ms Belén Garijo

Audit

 

Ms Belén Garijo

Nominations and Governance

 

Ms Belén Garijo

Human Resources and Remuneration

75%

Ms Béatrice Guillaume-Grabisch Ms Béatrice Guillaume-GrabischBoard of Directors87.5%* Ms Béatrice Guillaume-GrabischStrategy and Sustainability

 

Ms Béatrice Guillaume-GrabischAudit

100%

Ms Béatrice Guillaume-GrabischNominations and Governance

 

Ms Béatrice Guillaume-GrabischHuman Resources and Remuneration

 

Ms Ilham Kadri

Ms Ilham Kadri

Board of Directors

100%

Ms Ilham Kadri

Strategy and Sustainability

 

Ms Ilham Kadri

Audit

 

Ms Ilham Kadri

Nominations and Governance

 

Ms Ilham Kadri

Human Resources and Remuneration

 

Mr Georges Liarokapis

Mr Georges Liarokapis

Board of Directors

100%

Mr Georges Liarokapis

Strategy and Sustainability

 

Mr Georges Liarokapis

Audit

100%

Mr Georges Liarokapis

Nominations and Governance

 

Mr Georges Liarokapis

Human Resources and Remuneration

 

Mr Jean-Victor Meyers

Mr Jean-Victor Meyers

Board of Directors87.5%*

Mr Jean-Victor Meyers

Strategy and Sustainability

100%

Mr Jean-Victor Meyers

Audit100%***

Mr Jean-Victor Meyers

Nominations and Governance

 

Mr Jean-Victor Meyers

Human Resources and Remuneration

 

Mr Nicolas Meyers

Mr Nicolas Meyers

Board of Directors87.5%*

Mr Nicolas Meyers

Strategy and Sustainability

 

Mr Nicolas Meyers

Audit100%**

Mr Nicolas Meyers

Nominations and Governance

 

Mr Nicolas Meyers

Human Resources and Remuneration

 

Ms Virginie Morgon

Ms Virginie Morgon

Board of Directors

100%

Ms Virginie Morgon

Strategy and Sustainability

 

Ms Virginie Morgon

Audit

100%

Ms Virginie Morgon

Nominations and Governance

 

Ms Virginie Morgon

Human Resources and Remuneration

 

Mr Alexandre Ricard (from 20/04/2021) Mr Alexandre Ricard (from 20/04/2021)Board of Directors

100%

Mr Alexandre Ricard (from 20/04/2021)Strategy and Sustainability

 

Mr Alexandre Ricard (from 20/04/2021)Audit

 

Mr Alexandre Ricard (from 20/04/2021)Nominations and Governance

 

Mr Alexandre Ricard (from 20/04/2021)Human Resources and Remuneration

 

2021 AVERAGE 2021 AVERAGEBoard of Directors95% 2021 AVERAGEStrategy and Sustainability100% 2021 AVERAGEAudit93% 2021 AVERAGENominations and Governance100% 2021 AVERAGEHuman Resources and Remuneration96%

* Excluding the exceptional meeting of the Board of Directors held on 5 November 2021 to review the strategic transaction of 7 December 2021 (agreement between L’Oréal and Nestlé relating to L’Oréal’s repurchase of 4% of its own shares held by Nestlé), the Directors’ attendance rate would have been 100%. Ms Françoise Bettencourt Meyers, Mr Jean-Victor Meyers, Mr Nicolas Meyers, Mr Paul Bulcke and Ms Béatrice Guillaume-Grabisch all abstained from taking part in meetings or items of the agenda of the Board of Directors and, consequently, were not involved in any discussions or votes relating to matters connected to the L’Oréal share repurchase transaction with Nestlé.

** Director who joined this Committee in 2021.

*** Director who left this Committee in 2021.