CLICHY (dpa-AFX) - Cosmetics and beauty products giant L'Oreal Co. (LRLCY.PK) said that its board 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 euros, identical to the amount paid in 2019. The dividend will be paid on Tuesday 7 July 2020.
The company's board has also decided to renounce to any share buyback operations for the whole of 2020, which amounted to 750 million euros in 2019.
Jean-Paul Agon, Chairman and CEO of L'Oréal, will renounce 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 Annual General Meeting will be held on 30 June 2020 behind closed doors, without the physical presence of the shareholders, the company said.
Copyright RTT News/dpa-AFX