The Board met seven times in 2024.
Four Committees prepare discussions and meetings on behalf of the Board. 21 meetings were held in 2024:
Directors may freely and independently propose any subject that is linked to good governance to be included on the agenda of Board and Committee meetings. L’Oréal’s Directors are regularly informed of all the Company’s activities and its performances in a highly competitive environment. Board meetings are generally held with senior managers of the Company in attendance, who are invited to attend based on topical developments at L’Oréal and a range of issues related to its strategy. In an open, constructive dialogue in a trustful environment, exchanges of views 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 executive corporate officer, Directors representing the employees or any other Group employees attending (Article 4.2 of the Internal Rules). An executive session was held in December 2024. The Chairman of the Board attended the start of this meeting to present his annual activity report as Chairman of the Board, after which the executive session continued without his attendance. The Audit Committee also meets twice a year, with the presence of the Statutory Auditors and without any representatives from General Management, at the close of the meetings dedicated to reviewing the annual and interim financial statements.
Preparing and holding Board and Committee meetings requires significant availability and commitment from Directors. In 2024, the attendance rate at Board meetings was 99.2% on average. The individual attendance rate at Board and Committee meetings is specified below. The allocation of Directors’ fees, based on the attendance rate of each member at Board meetings and various Committee meetings, is described in section 2.4.
