L'Oréal

News release: "Annual General Meeting and Board of Directors’ Meeting of 20 April 2021"

Clichy, Tuesday 20 April 2021

             

Annual General Meeting and Board of Directors’ Meeting of 20 April 2021 

• Appointments as directors of Mr Nicolas Hieronimus and Mr Alexandre Ricard
• Renewal of the term of office as directors of Ms Françoise Bettencourt Meyers, Mr Paul Bulcke and Ms Virginie Morgon
• Approval of a dividend of €4 per share
• Dissociation of the functions of Chairman of the Board of Directors and Chief Executive Officer as of 1st May 2021 decided by the Board of Directors:
  • Mr Jean-Paul Agon Chairman of the Board of Directors
  • Mr Nicolas Hieronimus appointed Chief Executive Officer

• Share buyback for a maximum of euro 1.2 billion and a maximum number of 3 million shares
  
  

The L’Oréal Annual General Meeting took place today behind closed doors in Clichy, without the physical presence of the shareholders, in compliance with the emergency measures adopted by the French Government to curb the spread of Covid-19. The Meeting was livestreamed on the Company’s website.

The Annual General Meeting adopted all the proposed resolutions, and in particular:

• Approved the parent company financial statements and the consolidated financial statements for 2020
• Decided on the distribution of a dividend of €4 per share. This dividend is increased to €4.40 for shares that have been continuously held in the registered form since 31 December 2018 at the latest up until the dividend payment date, i.e. Thursday 29 April 2021.
• Appointed two new directors, Mr Nicolas Hieronimus and
  Mr Alexandre Ricard for a four-year term
• Renewed the term of office as directors of Ms Françoise Bettencourt Meyers,
  Mr Paul Bulcke and Ms Virginie Morgon for a four-year term.

Meeting after the Annual General Meeting, the Board of Directors decided, on the recommendation of the Nominations and Governance Committee, and in accordance with the announcements made on 14 October 2020, to dissociate the functions of Chairman of the Board of Directors and Chief Executive Officer. Mr Jean-Paul Agon will continue to fulfil the role of Chairman of the Board of Directors as he has done since 2011 and Mr Nicolas Hieronimus is appointed Chief Executive Officer as of 1st May 2021.