2 2.4.2.2. Remuneration paid during the 2021 financial year or allocated for that year to  Mr Jean-Paul  Agon, Chairman and Chief Executive Officer, over the period from   1   January to 30   April 2021 2.4.2.2.1. Fixed remuneration At its meeting of 11  February 2021, and on the recommendation of the Human Resources and Remuneration Committee, the Board of Directors decided to maintain Mr  Jean-Paul Agon’s fixed annual remuneration at the gross amount of €2,200,000, paid on a proportional basis for the period from 1   January to 30   April 2021. This has remained unchanged since 2014. 2.4.2.2.2. Annual variable remuneration Concerning Mr Jean-Paul Agon’s annual variable remuneration for 2021, the objective had been set at a gross amount of €2,200,000 on an annual basis, representing 100% of the fixed remuneration. This sum represents the maximum amount of variable remuneration that may be paid to him. At its meeting on 11 February 2021, the Board of Directors had set the variable remuneration criteria applicable for 2021 and the respective weighting of such criteria. The financial criteria represent 60% of the variable remuneration while the non- financial criteria represent 40%. These financial criteria are directly correlated with the Company’s economic performance indicators: growth in sales and market share as compared to its main competitors, in operating profit, earnings per share (EPS) and cash-flow. On 9 February 2022, the Board of Directors, on the basis of the recommendations of the Human Resources and Remuneration Committee, assessed the performance of Mr Jean-Paul Agon. The rate of achievement was 99.6% of objectives. It was thus decided that in respect of annual variable remuneration for 2021, Mr   Jean-Paul Agon would be awarded an amount of €730,400 for the first four months of the year. Fulfilment of the quantitative financial and non-financial criteria was assessed for the whole of 2021. On this basis, annual variable remuneration was calculated pro rata temporis . For information, following the approval by the Annual General Meeting of 20  April 2021 (Resolution  10), an annual variable remuneration was paid for the 2020 financial year in the total amount of €859,831, since the Board of Directors decided on 11  February 2021, as recommended by the Human Resources and Remuneration Committee, that 97.71% of the maximum objective had been achieved, solely on the basis of non-financial and qualitative criteria. FINANCIAL TARGETS 2021 (60% OF TOTAL ANNUAL VARIABLE REMUNERATION) Financial criteria Weighting 2021 Results Target and maximum payment rate: 100% of the fixed amount  Board appraisal Like-for-like sales as compared to the budget (1) 15% €32,287.6 million 100%   Performance well above the budget. Sales growth differential compared to main competitors (2) 15% +6.9 points 100%   Maximum objective reached. Operating profit as compared to the budget (1) 10% €6,160.3 million 100%   Maximum objective reached. Earnings per share (3) as compared to the budget (1) 10% €8.82 100%  Maximum objective reached. Cash flow (4) as compared to the budget (1) 10% €5,653.3 million 100%  Performance well above the budget. RATE OF ACHIEVEMENT OF FINANCIAL TARGETS 100% (1) Budget not provided for reasons of confidentiality. (2) Panel of competitors: Unilever, Procter & Gamble, Estée Lauder, Shiseido, Beiersdorf, Johnson & Johnson, Henkel, LVMH, Kao and Coty. (3) Diluted share attributable to owners of the company per share excluding non-recurring items. (4) Cumulative operating cash flow = Cash flow generated by operating activities – purchases of tangible and intangible assets. 2021 NON-FINANCIAL AND QUALITATIVE TARGETS (40% OF THE TOTAL ANNUAL VARIABLE REMUNERATION) Non-financial and qualitative criteria Weighting 2021 performance indicators Target and maximum payment rate: 100% of the fixed amount  Board appraisal CSR criteria: L’Oréal for the Future programme 10% See indicators page 112 96% Performance in line with the programme’s trajectory. Human Resources criterion 7.5% See indicators page 112 100% Outperformance. Capped at 100%. Digital development criteria 7.5% See indicators page 113 100% Outperformance. Capped at 100%. Qualitative criteria: Management 7.5% See evaluation page 113 100% Outperformance. Capped at 100%. Qualitative criteria: Image – Company reputation – Relations with stakeholders 7.5% See evaluation page 113 100% Outperformance. Capped at 100%. RATE OF ACHIEVEMENT OF NON-FINANCIAL AND QUALITATIVE TARGETS 99% L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 111 CORPORATE GOVERNANCE Remuneration of directors and corporate officers