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.
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.
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.
Board of Directors | Strategy and Sustainability | Audit | Nominations and Governance | Human Resources and Remuneration | |
---|---|---|---|---|---|
Mr Jean-Paul Agon | Mr Jean-Paul Agon Board of Directors100% |
Mr Jean-Paul Agon Strategy and Sustainability100% |
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 Sustainability100% |
Ms Françoise Bettencourt Meyers Audit
|
Ms Françoise Bettencourt Meyers Nominations and Governance100% |
Ms Françoise Bettencourt Meyers Human Resources and Remuneration100% |
Mr Paul Bulcke | Mr Paul Bulcke Board of Directors87.5%* |
Mr Paul Bulcke Strategy and Sustainability100% |
Mr Paul Bulcke Audit
|
Mr Paul Bulcke Nominations and Governance100% |
Mr Paul Bulcke Human Resources and Remuneration100% |
Ms Ana Sofia Amaral | Ms Ana Sofia Amaral Board of Directors100% |
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 Remuneration100% |
Ms Sophie Bellon | Ms Sophie Bellon Board of Directors100% |
Ms Sophie Bellon Strategy and Sustainability
|
Ms Sophie Bellon Audit75% |
Ms Sophie Bellon Nominations and Governance100% |
Ms Sophie Bellon Human Resources and Remuneration100% |
Mr Patrice Caine | Mr Patrice Caine Board of Directors100% |
Mr Patrice Caine Strategy and Sustainability100% |
Mr Patrice Caine Audit
|
Mr Patrice Caine Nominations and Governance100% |
Mr Patrice Caine Human Resources and Remuneration
|
Ms Fabienne Dulac | Ms Fabienne Dulac Board of Directors100% |
Ms Fabienne Dulac Strategy and Sustainability
|
Ms Fabienne Dulac Audit75% |
Ms Fabienne Dulac Nominations and Governance
|
Ms Fabienne Dulac Human Resources and Remuneration100% |
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 Remuneration75% |
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 Directors100% |
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 Directors100% |
Mr Georges Liarokapis Strategy and Sustainability
|
Mr Georges Liarokapis Audit100% |
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 Sustainability100% |
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 Directors100% |
Ms Virginie Morgon Strategy and Sustainability
|
Ms Virginie Morgon Audit100% |
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.