2 CORPORATE GOVERNANCE* 2.1 FRAMEWORK FOR  THE IMPLEMENTATION OF CORPORATE  GOVERNANCE PRINCIPLES 54 2.1.1 AFEP-MEDEF Code: the  reference Code 54 2.1.2 Procedures for exercising the General Management: Separation of the functions of Chairman of the Board and Chief Executive Officer since 1  May 2021 54 2.1.3 Balance of power within the Board of Directors 55 2.2 COMPOSITION OF THE BOARD OF DIRECTORS 57 2.2.1 Guiding principles 58 2.2.2 List of corporate offices and directorships of the Directors and corporate officers exercised at 31 December 2021 64 2.2.3 Changes in corporate offices and directorships of Directors 73 2.3 ORGANISATION AND MODUS OPERANDI OF THE BOARD OF DIRECTORS 75 2.3.1 General information on the meetings of the Board of Directors and its  Committees in 2021 75 2.3.2 Activities of the Board of  Directors 76 2.3.3 Activities of the Board Committees 79 2.3.4 Self-evaluation by the Board of Directors 84 2.3.5 Appendix: Complete text of the Internal Rules of the Board of Directors 87 2.4 REMUNERATION OF DIRECTORS AND CORPORATE OFFICERS 96 2.4.1 Remuneration policy for directors and corporate officers 96 2.4.2 Remuneration of directors and corporate officers for 2021 110 2.4.3 Termination indemnities and supplementary pension scheme applicable to corporate officers  120 2.4.4 Summary table of Mr Jean-Paul Agon’s remuneration, Chairman and Chief Executive Officer until 30 April  2021 124 2.4.5 Summary table of the remuneration of Mr Jean-Paul Agon, Chairman of the Board of Directors from 1 May 2021 125 2.4.6 Summary table of the remuneration of Mr Nicolas Hieronimus, Chief Executive Officer from 1 May 2021 126 2.5 SUMMARY TABLE OF THE RECOMMENDATIONS OF THE AFEP–MEDEF CODE WHICH  HAVE NOT BEEN APPLIED 127 2.6 SUMMARY STATEMENT OF TRADING BY DIRECTORS AND  CORPORATE OFFICERS IN L’ORÉAL SHARES IN 2021 128 2.7 STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS 128 * This information forms an intregral part of the Annual Financial Report as provided in Article L.451-1-2 of the French Monetary and Financial Code. L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 53