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The letter to shareholders - N°78 - Spring 2021

Annual General Meeting

ALL RESOLUTIONS 
VOTED UPON WERE ACCEPTED BY LARGE MAJORITIES

ORDINARY RESOLUTIONS

  • Approval of the 2020 parent company financial statements 99.98%
  • Approval of the 2020 consolidated financial statements 99.96%
  • Allocation of the Company’s net profit for 2020 and setting of the dividend 99.90%
  • Appointment of Mr Nicolas Hieronimus as a Director 99.21%
  • Appointment of Mr Alexandre Ricard as a Director 99.54%
  • Renewal of the term of office of Ms Françoise Bettencourt Meyers as Director 93.67%
  • Renewal of the term of office of Mr Paul Bulcke as Director 93.80%
  • Renewal of the term of office of Ms Virginie Morgon as Director 90.48%
  • Approval of the information on the remuneration of each of the corporate officers required by Article L. 22-10-9, I of the French Commercial Code 98.57%
  • Approval of the fixed and variable components of the total remuneration and benefits of any kind paid during the 2020 financial year or allocated for that year to the Chairman and Chief Executive Officer, Mr Jean-Paul Agon 98.40%
  • Approval of the remuneration policy for Directors 99.72%
  • Approval of the remuneration policy for the Chairman and Chief Executive Officer (Mr Jean-Paul Agon from 1 January to 30 April 2021) 98.91%
  • Approval of the remuneration policy for the Chief Executive Officer (Mr Nicolas Hieronimus as from 1 May 2021) 93.04%
  • Approval of the remuneration policy for the Chairman of the Board of Directors (Mr Jean-Paul Agon as from 1 May 2021) 89.05%
  • Approval of the agreement on the status of Mr Nicolas Hieronimus whose employment contract will be suspended as from his appointment as Chief Executive Officer 85.11%
  • Authorisation for the Company to buy back its own shares 99.24%

 

EXTRAORDINARY RESOLUTIONS

  • Delegation of authority to the Board of Directors to increase the share capital through the issuance of ordinary shares, with maintenance of shareholders’ preferential subscription rights 96.36%
  • Delegation of authority to the Board of Directors to increase the share capital through the capitalisation of premiums, reserves, profits or other amounts 99.48%
  • Delegation of authority to the Board of Directors to increase the share capital in order to remunerate the contributions in kind of equity securities or securities giving access to the share capital of third party companies granted to the Company 99.40%
  • Delegation of authority to the Board of Directors for the purpose of carrying out a capital increase reserved for employees with cancellation of shareholders’ preferential subscription rights 99.28%
  • Delegation of authority to the Board of Directors for the purpose of carrying out a capital increase reserved for categories of beneficiaries consisting of employees of foreign subsidiaries, with cancellation of preferential subscription rights, within the framework of an employee share ownership plan 99.28%
  • Amendment to Article 9 of the Articles of Association to provide for written consultation of the Directors under the conditions defined by the regulations 100%
  • Powers for formalities 100%

+ 3.9% 
Dividend increased to €4.00 per share,

and to €4.40 for registered shares (1)

(1) For shares held continuously in registered form for at least two years.

APPOINTMENT OF TWO NEW DIRECTORS

Nicolas Hieronimus, Chief Executive Officer since 1 May 2021, joined L’Oréal 34 years ago and has spent his entire career within the Group, in many countries and Divisions. The Board of Directors believes that the participation of the Chief Executive Officer as a Director in the Board’s discussions is essential.

 

Alexandre Ricard, Chairman and CEO of the Pernod Ricard group.  

He will bring to the Board his knowledge of consumers and his marketing and digital expertise in the luxury and mass retail markets, particularly in Asia and America.