Loreal 2014 Annual Report Download - page 8

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The quality of governance relies on an open-minded
and committed Board of Directors, the composition of which
has been further enriched and diversified.
The Board fosters strategic reflection and impetus
and is an invaluable source of support for the General Management.
The balance of powers is ensured by a clear distribution
of tasks between its members.
JEAN-PAUL AGON
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
The Board
of Directors
AN OPEN-MINDED AND COMMITTED
BOARD OF DIRECTORS
Endowed with complementary financial, industrial and
entrepreneurial experience and skills, the directors actively
and assiduously participate in the work of the Board and
its Committees. The directors are all highly committed and
vigilant. They are convinced that stringent governance cre-
ates value for the company and express their opinions in
total independence, with the company’s long-term interest
always first in mind. In 2014, the composition of the Board
was broadened and diversified, with an increase in the
number of women, and the appointment of two directors
representing the employees who provide complementary
viewpoints.
A SOURCE OF STRATEGIC
REFLECTION AND IMPETUS
The Board of Directors plays a crucial role in setting the
group’s strategic orientations. Through constructive and
open dialogue with the General Management and regular
meetings with the senior managers, the directors keep in
close touch with L’Oréal’s economic realities and are fully
informed of all the company’s operations, results and chal-
lenges. They review the main lines and opportunities for
long-term development, and especially acquisitions. With
an aim to continuously improve its role in strategic reflection
and impetus, the Board carries out a full evaluation of its
methods and organisation each year. The directors ensure
that the decisions made contribute to the implementation
of the strategy.
ETHICS AT THE HEART OF L’ORÉAL’S
GOVERNANCE AND COMMITMENTS
The Board of Directors places great importance on the re-
spect of L’Oréal’s Ethical Principles – Integrity, Respect,
Courage and Transparency – and more generally of the
Code of Ethics, the third edition of which it reviewed this
year. These commitments are the foundation namely of the
group’s policies on compliance, responsible innovation,
environmental stewardship, social and societal responsibil-
ity and philanthropy. In 2014, the Senior Vice-President and
Chief Ethics Officer presented the ethics policy and the ac-
tions taken in this field and its results. The Board considers
that these policies form an integral part of L’Oréal’s growth
model, and therefore supports their implementation and
regularly measures the advances made.
s VIEW MORE ON ETHICS
by scanning this page with
the L’Oréal Finance app
GOVERNANCE