Jean-Paul Agon

PARIS — In the context of the coronavirus pandemic, L’Oréal’s board decided Tuesday to renounce the planned increase of the group’s dividend of 10.4 percent.

The board will submit to shareholders at the annual general meeting, which will be held on June 30 behind closed doors, a dividend of 3.85 euros, which is the same amount that was paid out in 2019.

The board also opted to forgo any share buyback operations for all of this year, which came to 750 million euros in 2019.

“In view of the exceptional circumstances, and in the spirit of solidarity, [L’Oréal chairman and chief executive officer Jean-Paul Agon] informed the board that he would renounce with immediate effect all remunerations for 2020 relating to the financial targets of his annual variable remuneration, which represents a reduction of 30 percent of the maximum amount of his annual fixed income and variable remuneration for 2020, and all attribution of performance shares, if a plan were to be decided in 2020. The board accepted,” L’Oréal said in a statement.

Also on Tuesday, as reported, the group announced a new solidarity program, called L’Oréal for the Future, to support women and the environment.

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