L’oreal reveals remuneration plan for 2009 financial year

L’oreal’s Management and Remunerations Committee has announced its decisions for 2009, stating that the chairman of the board of directors Sir Lindsay Owen-Jones is to receive 975,000 euros (862,512 pounds).

This is the 65 per cent variable part of his 1.5 million euro target, although his and chief executive officer Jean-Paul Agon’s fixed remunerations will remain the same – 2.1 million euros.

For this year, the target for the variable share of this will be the same as in 2008 – 2.1 million euros for Mr Agon and 1.5 million euros for Sir Lindsay.

The announcement follows a recent financial release from L’oreal, which revealed sales for last year increased by 3.1 per cent on a like-for-like basis and reached 17.54 billion euros.

Market share grew from 15.2 per cent to 15.8 per cent and the rise in net earnings per share was 3.8 per cent on reported figures.

“We are tackling 2009 with realism, confidence and resolve,” said Mr Agon.