Peter Brabeck, the chairman of Nestlé, and Xavier Fontanet, the head of Essilor, are both directors of L’Oréal. At a recent meeting of the leading shampoo maker’s board, Mr Barbeck told Mr Fontanet that the giant Swiss food conglomerate shared at least one thing in common with the French eyeglass maker. Both, he suggested, had unbelievably complex global structures with a multitude of business units scattered round the world.

The two companies have other common characteristics. They are both committed to long-term strategies and have deeply rooted internal management cultures. They are highly successful and have weathered the recent crisis better than most. In short, as big corporations go, they are distinctly sui generis.