An independent, available and vigilant Board of Directors

The L'Oréal Board of Directors is a collegial body which collectively represents all the shareholders, and is bound by obligation to act in the best interests of the company in all circumstances. At the end of 2008, the Board of Directors considered that the recommendations of the Afep-Medef Code of December 2008 were in line with L'Oréal's corporate governance approach. This Code is therefore used by the company as its reference when drawing up the Chairman's Report on the conditions in which the Board's work is prepared and organised.