L’Oréal receives L’AGEFI Grand Prix Award for exemplary corporate governance
Every year, French business and finance magazine L’AGEFI conducts an independent assessment of companies listed on the CAC 40 and SBF 120 to review their corporate governance performance. The eminent jury of figures from the world of finance conferred the 2021 Grand Prix Award for Corporate Governance on the L’Oréal group, underscoring the company’s exemplary performance and its role as a standard-bearer.
Speaking at the awards ceremony on 30 September, Christophe Babule, L’Oréal’s Chief Financial Officer, said, “We are very honoured to receive this distinction. It rewards the outstanding work done by our teams to embrace best practices in corporate governance, which is a highly strategic issue for L’Oréal. We have introduced a number of Environmental, Social & Governance (ESG) initiatives. Examples include gender equality (with women now representing 54% of the Group’s leadership positions), a transformation programme to make our factories carbon neutral and €100m in impact investing to protect and develop nature, biodiversity and the circular economy, along with another endowment fund to support the most vulnerable women. All of these examples clearly illustrate the way in which L'Oréal's business model combines economic and corporate excellence to create lasting value for all.”
To select the winners, three L’AGEFI partner organisations—CMS Francis Lefebvre, EcoVadis and Ethics & Boards—assessed all companies on the basis of 90 criteria spanning five categories: “Functioning of Management Bodies”, “Board Composition”, “CSR and Compliance”, “Management Diversity” and “Shareholder Democracy, Information Transparency and Quality of Communication”.
A company receives an award in each category. Companies that score highest across all categories combined are then shortlisted for the Government Dynamics Award and the Grand Prix for Corporate Governance.
A list of recipients of the Grand Prix for Corporate Governance is available here