The Board of Directors

FR
EN
1. Jean-Paul AgonChairman and CEO
since March 18, 2011
(term of office renewed in 2010).
2. Jean-Pierre MeyersVice-Chairman of the Board
(term of office renewed in 2012).
3. Peter Brabeck-LetmatheVice-Chairman of the Board
(term of office renewed in 2013).
4. Ana Sofia Amaral(since July 15, 2014).
5. Françoise Bettencourt Meyers(term of office renewed in 2013).
6. Charles-Henri Filippi(term of office renewed in 2011).
7. Xavier Fontanet(term of office renewed in 2010).
8. Belén Garijo(since April 17, 2014).
9. Bernard Kasriel(term of office renewed in 2012).
10. Christiane Kuehne(since April 17, 2012).
11. Georges Liarokapis(since July 15, 2014).
12. Jean-Victor Meyers(since 2012).
13. Virginie Morgon(since April 26, 2013).
14. Annette Roux(term of office renewed in 2011).
15. Louis Schweitzer(term of office renewed in 2013).
Composition of the Board of Directors

The composition of the Board of L’Oréal, 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 dealt within this section. The Board wishes to point out that it carries out its work on a collective basis, in accordance with ethical principles and in compliance with the legal provisions, regulations and recommendations.

At July 15, 2014, the Board of Directors of L’Oréal comprises 15 members: the Chairman and Chief Executive Officer, five Directors appointed from the majority shareholders, three of whom are appointed by the Bettencourt Meyers Family and two from Nestlé (the two Vice-Chairmen of the Board being chosen from among these members), independent directors: Mrs Belén Garijo, Mrs Virgine Morgon, Mrs Annette Roux, Mr. Charles-Henri Filippi, Mr. Xavier Fontanet, Mr. Bernard Kasriel and Mr. Louis Schweitzer and two employee members.

One member elected by the Central Works Council also attends the Board Meetings and has a consultative vote.

Experienced Directors who complement one another

L’Oréal’s Directors come from different backgrounds, they complement one another due to their different professional experience, their skills and their nationalities. They have good knowledge of the Company. The Directors are present, active and closely involved. These are all assets which contribute to the quality of the Board’s deliberations in the context of the decisions that the Board is called on to make.

Representation of women and men that complies with the provisions of the french law of January 27, 2011

Excluding employee Board members, out of a total of 13 Directors, five women have seats on L’Oréal’s Board of Directors, representing a proportion of female directors of 38.5%. The Board is thus in advance of the French Law of January 27, 2011 relating to the balanced representation of men and women, which provides for a proportion of 20% of women to be reached by 2014. The Board is doing everything it can to appoint more female Directors.

The Appointments and Governance Committee continued its selection process and made proposals to the Board of Directors in 2013.

In any event, in 2017, the composition of the Board will be in compliance with French law which requires balanced representation of men and women, namely a minimum proportion of 40% of Directors of the same gender.

Composition of the Board of Directors at July 15, 2014

Jean-Paul Agon Chairman and Chief Executive Officer since March 18, 2011
Director (term of office renewed in 2014)
Jean-Pierre Meyers Vice-Chairman of the Board of Directors (term of office renewed in 2012)
Peter Brabeck-Letmathe Vice-Chairman of the Board of Directors (term of office renewed in 2013)
Ana Sofia Amaral Director since July 15, 2014
Françoise Bettencourt Meyers Director (term of office renewed in 2013)
Charles-Henri Filippi Director (term of office renewed in 2011)
Xavier Fontanet Director (term of office renewed in 2014)
Belén Garijo Director as from Thursday, April 17, 2014
Bernard Kasriel Director (term of office renewed in 2012)
Christiane Kuehne Director since April 17, 2012
Georges Liarokapis Director since July 15, 2014
Jean-Victor Meyers Director since 2012
Virginie Morgon Director since April 26, 2013
Annette Roux Director (term of office renewed in 2011)
Louis Schweitzer Director (term of office renewed in 2013)
Paul Bulcke Director from April 17, 2012 to July 8, 2014
Marc Ladreit de Lacharrière Director (until Thursday, April 17, 2014)
Self-evaluation by the Board of Directors

Every year, the Board reviews its composition, its organisation and its modus operandi, in particular in order to verify that, firstly, under these conditions, the agenda for its work duly covers the scope of its assignments and that important questions have been appropriately prepared for and discussed and to assess the contribution made by each member to the Board’s work.

This evaluation is carried out within the framework of the AFEP-MEDEF Code, to which the Board refers and market recommendations like those of the AMF. On the basis of the summary of prior individual interviews between the Director and the Secretary of the Board of Directors, such interviews being conducted on the basis of a guide which sets out the principles provided for in the code and the recommendations, the Board considers the avenues of progress that still remain open and, at the end of the discussion that takes place, adopts the improvement measures that it considers appropriate.

The Directors again exercised their complete freedom of judgment in 2013. This freedom of judgment allowed them to participate, in total independence, in the work and collective decisions of the Board, and, where applicable, in conducting preparatory work and making proposals through the Board Committees.

The Board considered that the quality of its meetings has continued to improve, in light of what were considered as avenues of progress following the self-evaluation carried out at the end of 2012, particularly with regard to the strategic challenges faced by the Group which are regularly debated and discussed, in the presence of the senior managers who are members of the Executive Committee.

Once again this year, the approach to strategy was examined in detail in the course of the Board’s work in light of the development of the brands, the countries and the markets on which the Group operates. In this respect, the day devoted to strategy at L’Oréal Professional Products and that on Research & Innovation at one of its laboratories, in the presence of a large number of senior managers, were particularly appreciated. Furthermore, the Board made a more in-depth analysis of performance, in light in particular of competitors, once again within the scope of the strategic orientations validated by the Board.

In 2013, the Board once again appreciated the pace, frequency and format of the information provided to it in connection with business activities in general and the main events in the life of the Group. Making documentation available prior to Board or Committee meetings, in compliance with the requirements of confidentiality and the time constraints with which the Company is faced, favours the quality of the debates.

The Directors made new proposals of topics to be included on the agenda for meetings in 2014, principally in relation with the universalisation strategy, the geographic deployment of the business activities of the Divisions and the organisation of the regions in light of local specificities.

Photo credits: Stéphane de Bourgies