Lubricating composition in the form of an oil-in-water emulsion, based on a polyorganosiloxane that can be polymerized and/or crosslinked by dehydrogeno-condensation, comprising: (a) from 1 to 30 parts by weight of at least one reactive polyorganosiloxane comprising at least two OH groups per molecule and having a dynamic viscosity of between 50 and 3×10 6 mPa.s at 25°C; (b) from 1 to 30 parts by weight of at least one crosslinking agent having, per molecule, at least three reactive units =SiH; (c) from 0.1 to 10 parts by weight of at least one organic polymer latex coming from the (co)polymerization: - of at least one alkyl (meth)acrylate monomer selected from the group formed by: methyl (meth)acrylate, ethyl (meth)acrylate, propyl (meth)acrylate and butyl (meth)acrylate; - of a styrene monomer; and - optionally, of at least one monomer chosen from the group formed by: acrylic acid and methacrylic acid; (d) from 3 to 25 parts by weight of at least one air-removing agent which is a mica; (e) from 0.5 to 10 parts by weight of at least one surfactant; (f) from 0 to 30 parts by weight of at least one unreactive linear polyorganosiloxane oil, which, under the conditions for emulsifying and preparing the lubricating composition and the use conditions, does not react chemically with any of the constituents of the composition, having a dynamic viscosity of 50 to 100000 mPa.s at 25°C and consisting of a linear homopolymer or copolymer in which, per molecule, the monovalent organic substituents, whether identical or different from one another, linked to the silicon atoms, are selected from the group formed by alkyl, cycloalkyl, alkenyl, aryl and alkylaryl radicals; (g) from 0 to 30 parts by weight of at least one additive selected from the group formed by: a film-forming polymer thickening agent, a complementary lubricant, an antifriction agent, a coalescence agent, a wetting or dispersing agent, a mineral filler, an antifoam agent, a thickener, a stabilizer, an acidifying agent, a biocide and an antifungal agent; (h) from 0 to 10 parts by weight of at least one dehydrogeno-condensation catalyst; and (i) from 20 to 60 parts by weight of water, for 100 parts by weight of the sum of the constituents (a) to (i). (a) from 1 to 30 parts by weight of at least one reactive polyorganosiloxane comprising at least two OH groups per molecule and having a dynamic viscosity of between 50 and 3×10 6 mPa.s at 25°C; (b) from 1 to 30 parts by weight of at least one crosslinking agent having, per molecule, at least three reactive units =SiH; (c) from 0.1 to 10 parts by weight of at least one organic polymer latex coming from the (co)polymerization: - of at least one alkyl (meth)acrylate monomer selected from the group formed by: methyl (meth)acrylate, ethyl (meth)acrylate, propyl (meth)acrylate and butyl (meth)acrylate; - of a styrene monomer; and - optionally, of at least one monomer chosen from the group formed by: acrylic acid and methacrylic acid; - of at least one alkyl (meth)acrylate monomer selected from the group formed by: methyl (meth)acrylate, ethyl (meth)acrylate, propyl (meth)acrylate and butyl (meth)acrylate; - of a styrene monomer; and - optionally, of at least one monomer chosen from the group formed by: acrylic acid and methacrylic acid; (d) from 3 to 25 parts by weight of at least one air-removing agent which is a mica; (e) from 0.5 to 10 parts by weight of at least one surfactant; (f) from 0 to 30 parts by weight of at least one unreactive linear polyorganosiloxane oil, which, under the conditions for emulsifying and preparing the lubricating composition and the use conditions, does not react chemically with any of the constituents of the composition, having a dynamic viscosity of 50 to 100000 mPa.s at 25°C and consisting of a linear homopolymer or copolymer in which, per molecule, the monovalent organic substituents, whether identical or different from one another, linked to the silicon atoms, are selected from the group formed by alkyl, cycloalkyl, alkenyl, aryl and alkylaryl radicals; (g) from 0 to 30 parts by weight of at least one additive selected from the group formed by: a film-forming polymer thickening agent, a complementary lubricant, an antifriction agent, a coalescence agent, a wetting or dispersing agent, a mineral filler, an antifoam agent, a thickener, a stabilizer, an acidifying agent, a biocide and an antifungal agent; (h) from 0 to 10 parts by weight of at least one dehydrogeno-condensation catalyst; and (i) from 20 to 60 parts by weight of water, for 100 parts by weight of the sum of the constituents (a) to (i).