Clarins Financial : Corporate Govervance

In 1998, Clarins adopted a two-tier system of corporate management under which operating functions are exercised by the Management Board and oversight functions by the Supervisory Board. This system assures the srategic choices remain faithful to the group's core values and commitment to ensuiring a maximum degree of transparency for shareholders in the management, reliability and sincerity of the company's accounts.

The Supervisory Board	The Management Board
Christian Courtin-Clarins, Chairman	Philip Shearer, Chairman
Serge Rosinoer, Vice-Chairman	Dr Olivier Courtin-Clarins, Managing Director Research & Development
Alain Ferri Jean Roux	Pierre Milet, Managing Director Administration & Finance
Société Civile Financière FC, represented by Edmée Boisquillon	Lionel de Benetti, Chief Industrial Officer

From left to right: Olivier Courtin-Clarins, Lionel de Benetti, Philip Shearer,
Christian Courtin-Clarins and Pierre Milet

The executive committee Includes members of the Managemament Board and:
Dominique Calvo, Group Human Resources Director	Joël Palix, President of Clarins Fragrances Group
Pankaj Chandarana, Chief Financial Officer	Pascal Pollet, Vice President Group operations
Gérard Delcour, President of the American area (excl. US), the Middle East, Agents et Travel Retail	Robin Vincent, President of Clarins UK
Frédéric Géraud, President of the European area (excl.UK)	Jonathan Zrihen, President of Clarins USA
Isabelle Herbreteau, President of the Clarins brand	The President of the Asian area

The Audit Committee and the Compensation and Appointments Committee
While the Audit Committee assists the Supervisory Board by providing recommendations on financial, accounting and internal control issues, the Compensation and Appointments Committee advises it on the renewal of appointments, sets directors and officers compensation and examines their retirement packages.

Three directors serve on both committees:

Serge Rosinoer

Alain Ferri
(Independent member of the Board)

Jean Roux
(Independent member of the Board)

The Strategy Committee

The Strategy Committee was created in May 2006 to provide the Management Board with recommendations and technical memorandums on the positioning of Clarins Group in relation to its key competitors and evolving market trends. It draws upon expertise in a number of complementary areas including financial, legal and commercial issues in addition to research.

Its members include:

Société Civile Financière FC, Chairman, represented by Christian Courtin
Pankaj Chandarana, Chief Financial Officer
Éric Gooris, Chief Scientific Research and Development Officer
Robert Hamilton, Chief International Legal Officer
Isabelle Herbreteau, President of the Clarins brand
Robin Vincent, President of Clarins UK
Jonathan Zrihen, President of Clarins USA