At a meeting chaired by Sir Lindsay Owen-Jones on Monday February 16th, 2009, the L'Oréal Board of Directors was apprised of recommendations by the Management and Remunerations Committee and took the following decisions:
Remuneration for financial year 2008:
M. Jean-Paul Agon, Chief Executive Officer:
Following an examination of the allocation criteria given in the 2007 annual report (volume 2, page 85) and with respect to a target of 2,100,000 euros, the variable part of the 2008 remuneration for the Chief Executive Officer was set at 1,365,000 euros, or 65% of the target.
Note: the fixed part of the remuneration of the Chief Executive Officer had previously been set at 2,100,000 euros for 2008.
Sir Lindsay Owen-Jones, Chairman of the Board of Directors:
The variable part of the 2008 remuneration of the Chairman of the Board of Directors was, on grounds of solidarity and at his express wish, aligned with the same percentage terms as the Chief Executive Officer’s target. The Chairman therefore receives a variable part corresponding to the same 65% of the 1,500,000 euro target, or 975,000 euros.
Note: the fixed part of the 2008 remuneration of the Chairman of the Board of Directors had previously been set at 2,000,000 euros for 2008.
Remuneration for financial year 2009:
The Board has decided to keep the fixed parts of remunerations at their current level:
- 2,100,000 euros for Mr. Jean-Paul Agon, Chief Executive Officer
- 2,000,000 euros for Sir Lindsay Owen-Jones, Chairman of the Board of Directors.
The Board also set the 2009 target for the variable share of this remuneration, which remains the same as for 2008:
- 2,100,000 euros for Mr. Jean-Paul Agon, Chief Executive Officer,
- 1,500,000 euros for Sir Lindsay Owen-Jones, Chairman of the Board of Directors.
The criteria for allocating these variables parts will be given in the 2008 annual report.
With respect to stock options, the Board of Directors has established a rule that stock-options are only allocated after accounts are closed at the end of each financial year. This means that no stock options were granted in 2008.
"This news release does not constitute an offer to sell, or a solicitation of an offer to buy L'Oréal shares. If you wish to obtain more comprehensive information about L'Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our Internet site www.loreal-finance.com.
This news release may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements."
Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel. : +188.8.131.52.83.02
Financial analysts and institutional investors
Mrs Caroline MILLOT
Tel. : +184.108.40.206.86.82
Mr Mike RUMSBY
Tel. : +220.127.116.11.76.71
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, and the Internet site for shareholders and investors, http://www.loreal-finance.com, or its mobile version on your cell phone, http://mobile.loreal-finance.com; alternatively, call +18.104.22.168.80.50.