The Annual General Meeting will take place on 30 June 2020 behind closed doors
- L’Oréal renounces an increase of the dividend
- The Chairman & CEO’s remuneration will be reduced by 30% for the whole of 2020
- L’Oréal announces the launch of the social and environmental solidarity programme: « L’Oréal for the future »
The Board of Directors of L’Oréal gathered for a meeting on 12 May 2020.
The Board determined the agenda for the Annual General Meeting of Shareholders on 30 June 2020. Exceptionally, in the context of the Covid-19 pandemic and in accordance with Order no. 2020-321 of 25 March
2020, the Board of Directors has decided that this Annual General Meeting will be held behind closed doors.
The Board will notably submit the following resolutions for approval at the Annual General Meeting:
In the exceptional context of the Covid-19 crisis, the Board of Directors has decided to renounce the planned increase in the dividend of 10.4%, and consequently to propose to the Annual General Meeting a dividend of €3.85, identical to the amount paid in 2019. The dividend will be paid on Tuesday 7 July 2020, with an ex– dividend date of Friday 3 July at 00h00 (CEST).
The Board has also decided to renounce to any share buyback operations for the whole of 2020, which amounted to 750 million euros in 2019.
- Remuneration of the Executive Officer
In view of the exceptional circumstances, and in a spirit of solidarity, Mr Agon informed the Board that he would renounce with immediate effect all remuneration for 2020 relating to the financial targets of his annual variable remuneration, which represents a reduction of 30% of the maximum amount of his annual fixed and variable remuneration for 2020, and all attribution of performance shares, if a plan were to be decided in 2020. The Board accepted.
Launch of the “L’Oréal for the future” programme Furthermore, in the exceptional context of the Covid-19 pandemic and its consequences, L’Oréal has decided to create a new social and environmental solidarity programme under the name of “L’Oréal for the future”.
Fully aware of the challenges that lie ahead and of the need for active involvement to make tomorrow’s world more inclusive and sustainable, and in line with its sustainability programme, LOréal has decided via this new programme:
- to create a philanthropic endowment fund of 50 million euros to support non-profit organisations that help women all over the world who are in highly vulnerable situations, victims of the social and economic crisis;
- to reaffirm its commitment to the environment and to sustainable development by creating an impact investing fund of 100 million euros for the regeneration of damaged natural ecosystems and for combating climate change.
L’Oréal has devoted itself to beauty for over 100 years. With its unique international portfolio of 36 diverse and complementary brands, the Group generated sales amounting to 29.87 billion euros in 2019 and employs 88,000 people worldwide. As the world’s leading beauty company, L’Oréal is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail, branded retail and e-commerce.
Research and innovation, and a dedicated research team of 4,100 people, are at the core of L’Oréal’s strategy, working to meet beauty aspirations all over the world. L’Oréal sets out ambitious sustainable development goals across the Group for 2030 and aims to empower its ecosystem for a more inclusive and sustainable society.
More information: https://mediaroom.loreal.com/
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