Phenoxyethanol

Common cosmetics preservative that’s considered one of the least irritating for use in formulations. It does not release formaldehyde.  Phenoxyethanol is approved worldwide (including in Japan and in the EU) for use in all types of water-based cosmetics, up to a 1% concentration.

Source : http://www.paulaschoice.com/cosmetic-ingredient-dictionary/definition/phenoxyethanol