Many of its shareholders once again attended L’Oréal’s Annual General Meeting, held this year on 18 April at the Palais des Congrès in Paris.
L’Oréal’s Chairman and Chief Executive Officer, Jean-Paul Agon, chaired the AGM from the podium, addressing over 1,500 individual shareholders as well as the Group’s major shareholders – the Bettencourt-Meyers family and Nestlé – represented on stage by Jean-Pierre Meyers and Béatrice Guillaume-Grabisch respectively.
Following a brief outline of the meeting agenda, Jean-Paul Agon paid tribute to Christian Mulliez, who served as Executive Vice-President and Chief Financial Officer for 17 years, thanking him for his professionalism and rigour throughout his tenure. He then handed over to Christophe Babule, who now occupies the role. The new Chief Financial Officer announced the Group’s financial results for 2018.
Next, Chief Technology and Operations Officer Barbara Lavernos spoke about L’Oréal’s leading position in the beauty industry. Thanks to its teams worldwide and its 40 plants, L’Oréal is well equipped to rise to the industrial challenges of today and tomorrow, underpinned by the highest standards of quality, safety and responsibility.
Jean-Paul Agon then shared the company’s strategic vision, placing the beauty market in context and showcasing how L’Oréal will use its assets to stand out in this market, maintain its leading position and win new market shares. He also highlighted the importance of combining long-term social responsibility, ethics and commitments with economic performance.
Catherine Bellon, Secretary to the Board of Directors, then explained the various resolutions, with further details provided by the statutory auditors for the approval of the financial statements, and by Sophie Bellon, Chairwoman of the Remunerations and Human Resources committee, regarding the details of Jean-Paul Agon’s remuneration.
The latter also announced the resignation of Axel Dumas from his seat on the board to avoid any conflict of interest, given the new cosmetics activities of the Hermès group. Finally, Jean-Paul Agon proposed the appointment of Fabienne Dulac, Deputy CEO of Orange and CEO of Orange France, to the Board of Directors.
The floor was then opened up for a Q&A session with the Chairman and CEO, who was asked around 10 questions on a wide range of topics from the organic and natural beauty trend, to beauty tech and artificial intelligence, as well as the Group’s relationships with start-ups.
Voting then began on the 14 resolutions proposed, all of which were adopted by a large majority.