A retarder comprising a substrate, a first optically anisotropic layer formed of a composition comprising a rod-like liquid-crystal compound substantially generating a phase difference of .pi. at 550 nm, and a second optically anisotropic layer formed of a composition comprising a rod-like liquid-crystal compound substantially generating a phase difference of .pi./2 at 550 nm is disclosed. At least either one of the rod-like liquid-crystal compounds is denoted by Formula (I) Q.sup.1-L.sup.1-A.sup.1-L.sup.3-M-L.sup.4-A.sup.2-L.sup.2-Q.sup.2: where Q.sup.1 and Q.sup.2 denote polymerizable groups; L.sup.1 to L.sup.4 denote single bonds or divalent linking groups provided that at least either of L.sup.3 and L.sup.4 represents --O--CO--O--; A.sup.1 and A.sup.2 denote C2-20 spacer groups and M denotes a mesogen group; and an in-plane slow axis of the second layer and an in-plane slow axis of the first layer cross substantially at 60 degrees.