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Corporate Governance
BASF advocates responsible corporate governance that focuses on sustainably increasing the value of the company. BASF SE follows all of the recommendations of the German Corporate Governance Code in the version dated April 28, 2022 (Code 2022), the version in force at the time of submitting the Declaration of Conformity on December 20, 2023. In the same manner, BASF follows almost all of the nonobligatory suggestions of the German Corporate Governance Code. Only suggestion A.7, whereby the duration of the Annual Shareholders’ Meeting should not exceed six hours, was not complied with by BASF in 2023 due to the large number of questions asked at the Annual Shareholders’ Meeting.
Pursuant to section 162 of the German Stock Corporation Act (AktG), the management and supervisory boards of a publicly listed company prepare a clear and understandable report every year. This report outlines the main principles of compensation for the members of the Board of Executive Directors and the Supervisory Board and provides specific information on compensation granted and owed to current and former members of the Board of Executive Directors and Supervisory Board in the 2021 business year.
This report meets the disclosure requirements of section 162 AktG and the applicable accounting rules (HGB, IFRS). Furthermore, the recommendations of the German Corporate Governance Code (GCGC) in the version dated December 16, 2019, have been observed.
Pursuant to section 120a(1) AktG, the current compensation system for the Board of Executive Directors was submitted to the Annual Shareholders’ Meeting and approved by a 92.69% majority on June 18, 2020. It has been applicable to all current members of the Board of Executive Directors since January 1, 2020.
You will find our declarations of compliance here.