2024 universal registration document

2. Corporate governance

Business activity, results and strategy
  • Overview of the Group’s economic and financial management;
  • Setting strategic priorities that take social and environmental needs into consideration;
  • Systematic review at each meeting of the Group’s activities and results (net sales generated by division, by geographic zone, by brand and through e-commerce) and of changes in the cosmetics market, the results of competitors and the Group’s relative positioning;
  • Analysis of acquisition projects;
  •  Strategic themes reviewed by the Board in 2024, with presentations by the senior executives at L’Oréal responsible for these issues, followed by discussions:
    • Consumer Products Division;
    • Risk mapping;
    • CSR (including progress report on the L’Oréal for the Future programme and the net zero strategy);
    • Ethics policy;
    • Human Resources policy;
    • Digital (including artificial intelligence); and
    • Cybersecurity (see below).
  • Issues addressed at the annual Strategic Seminar in June 2024, with presentations from external experts and L’Oréal senior executives who are responsible for these issues, followed by discussions:
    • L'Oréal Dermatological Beauty Division;
    • Regulatory risks; and
    • Artificial Intelligence (see below).

Artificial intelligence and cybersecurity

  • At the 2024 Strategic Seminar, the Directors were given a presentation and debate on artificial intelligence, giving them greater insight into the strategic implications of AI in key areas (Research & Innovation marketing and HR, at a time when L'Oréal GPT is being made available to Group employees trained in how to use it). 
  • As part of its duties, the Board of Directors reviewed the Group's cybersecurity initiatives in light of a presentation on cybersecurity by the Deputy Chief Executive Officer in charge of Research & Innovation, and Technology, the Group Chief IT Officer and the Chief Information Officer, followed by a discussion with the Directors. The presentation provided an overview of general cybersecurity issues across the world before going on to explain L'Oréal's cybersecurity strategy.
  • As part of a training session on business ethics organised for the Directors during the year, they were given a presentation on how AI is put into practice at L'Oréal. The topics covered, which included the Group’s Responsible Framework for AI, served to deepen the Board's discussions on security and reliability, data protection, non-discrimination and equality, and sustainability. The Group's overall approach to business ethics, including in relation to internal governance, processes and training, was presented during this training session.