The Board of Directors

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EN
1. Jean-Paul AgonChairman and CEO
since March 18, 2011
(term of office renewed in 2014).
2. Françoise Bettencourt Meyers(term of office renewed in 2013).
3. Peter Brabeck-LetmatheVice-Chairman of the Board
(term of office renewed in 2013).
4. Jean-Pierre MeyersVice-Chairman of the Board
(term of office renewed in 2012).
5. Ana Sofia Amaral(since July 15, 2014).
6. Sophie Bellon(since April 22, 2015).
7. Charles-Henri Filippi(term of office renewed in 2015).
8. Xavier Fontanet(term of office renewed in 2014).
9. Belén Garijo(since April 17, 2014).
10. Bernard Kasriel(term of office renewed in 2012).
11. Christiane Kuehne(since April 17, 2012).
12. Georges Liarokapis(since July 15, 2014).
13. Jean-Victor Meyers(since February 13, 2012).
14. Virginie Morgon(since April 26, 2013).
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 April 22, 2015, the Board of Directors of L’Oréal comprises 15 members: the Chairman and Chief Executive Officer, five Directors appointed by the main shareholders, three of whom are from the Bettencourt Meyers family and two appointed by Nestlé (the two Vice-Chairmen of the Board being chosen from among these members), seven independent directors: Mrs Sophie Bellon, Mrs Belén Garijo, Mrs Virgine Morgon, Mr. Charles-Henri Filippi, Mr. Xavier Fontanet, Mr. Bernard Kasriel and Mr. Louis Schweitzer, and two employee members: Georges Liarokapis and Ana Sofia Amaral.

An elected representative of the Central Works Council of L'Oréal, Mr. Thierry Magontier, also attends the Board Meetings, with an advisory 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

At April 22, 2015, out of a total of 13 Directors (excluding the 2 Directors representing the employees), 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 provided initially for a minimum proportion of 20% of Directors of each gender to be reached by 2014.

The Appointments and Governance Committee is continuing its selection process in order to make proposals of candidates to the Board of Directors.

In any event, in 2017, the composition of the Board will be in compliance with French law which requires a minimum proportion of 40% of Directors of each gender.

Composition of the Board of Directors at April 22, 2015

Jean-Paul Agon Chairman and Chief Executive Officer since March 18, 2011
Director (term of office renewed in 2014)
Françoise Bettencourt Meyers Director (term of office renewed in 2013)
Peter Brabeck-Letmathe Vice-Chairman of the Board of Directors (term of office renewed in 2013)
Jean-Pierre Meyers Vice-Chairman of the Board of Directors (term of office renewed in 2012)
Ana Sofia Amaral Director since July 15, 2014
Sophie Bellon Director since April 22, 2015
Charles-Henri Filippi Director (term of office renewed in 2011)
Xavier Fontanet Director (term of office renewed in 2014)
Belén Garijo Director since 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 February 13, 2012
Virginie Morgon Director since April 26, 2013
Louis Schweitzer Director (term of office renewed in 2013)
Self-evaluation by the Board of Directors

Every year, the Board carries out the formal evaluation provided for by the AFEP-MEDEF Code of its composition, its organisation and its modus operandi, in particular in order to verify that, under these conditions, the agenda for its work duly covers the scope of its assignments, 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 2014. 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 2013, 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 strategy was examined in detail in the course of the Board’s work with regard to the development of the brands, the countries and the markets on which the Group operates. In this respect, the day devoted to the strategy of the Consumer Products Division and the presentation on the market in Western Europe, 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 2014, 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 2015.

Photo credits: Stéphane de Bourgies