Committees

Members

Prof. Dr. Stefan Asenkerschbaumer^1,2 (Chairman)
Dr. Kurt Bock^1,2
Prof. Dr. Thomas Carell^1,2
Tatjana Diether^1,3
Sinischa Horvat^1,3
Michael Vassiliadis³

Duties and authority

• Prepares the appointment of members to the Board of Executive Directors by the Supervisory Board on the basis of the competence profile and diversity concept for the Board of Executive Directors adopted by the Supervisory Board
• Prepares the resolutions made by the Supervisory Board with regard to the system and amount of compensation to members of the Board of Executive Directors as well as the annual target agreement and performance assessment for the Board of Executive Directors
• Prepares recommendations to the Supervisory Board on the terms and conditions of service contracts for the Board of Executive Directors and negotiates and decides on them within the framework adopted by the Supervisory Board

Members

Alessandra Genco^1,2 (Chairwoman)
Tatjana Diether^1,3
Michael Vassiliadis³
Tamara Weinert^1,2

Duties and authority

• Prepares the negotiations and resolutions of the Supervisory Board for the approval of the Financial Statements, the Consolidated Financial Statements and the Management’s Reports, including the Nonfinancial Statements and sustainability reporting and discusses the Quarterly Statements and the Half-Year Financial Report with the Chief Financial Officer prior to their publication
• Deals with monitoring the accounting process, the annual audit, including sustainability reporting and its audit, the appropriateness and effectiveness of the internal control system, the risk management system, the internal auditing system and compliance management system as well as compliance issues, including compliance with statutory regulations and internal environmental, health and safety regulations (EHS compliance)
• Is responsible for business relations with the company’s auditor and the auditor of the sustainability report: prepares the Supervisory Board’s proposal to the Annual Shareholders’ Meeting regarding the selection of an auditor for the Annual and Consolidated Financial Statements and the audit review of the Half-Year Financial Report and the selection of an auditor for the sustainability report, monitors the auditor’s independence, defines the focus areas of the audit together with the auditor, discusses the audit risk, audit strategy and audit plan with the auditor, negotiates auditing fees, evaluates the quality of the annual audit, and establishes the conditions for the provision of the auditor’s nonaudit services; the Chairwoman of the Audit Committee regularly discusses this with the auditor outside of meetings as well and reports to the Committee on such discussions; the Audit Committee regularly consults with the auditor, even without the Chief Financial Officer or another member of the Board of Executive Directors
• Deals with post-audits of key acquisition and investment projects
• Is responsible for monitoring the internal process of identifying related party transactions and ensuring adherence to statutory approval and disclosure requirements; grants approval of related party transactions
• Is authorized to request any information that it deems necessary from the auditor or from the Board of Executive Directors and has a direct right to information from the heads of the units of the Corporate Center such as Corporate Audit or Corporate Compliance; can also view all of BASF’s business documents and examine these and all other assets belonging to BASF. The Audit Committee can also engage experts such as auditors or lawyers to carry out these inspections.

Expertise in the areas of the annual audit and accounting

The Audit Committee includes two members with expertise (special knowledge and experience within the meaning of the GCGC) in the fields of accounting and auditing. The Chairwoman of the Audit Committee, Alessandra Genco, has expertise in accounting, including sustainability reporting, due to her studies in economics, her professional experience working for financial institutions and her previous role as chief financial officer at Leonardo, a publicly listed international company based in the EU. Tamara Weinert has expertise in the field of auditing, including the audit of sustainability reporting, and accounting expertise due to her former role as the Chief Financial Officer for the EMEA region at Outokumpu and her professional activities in the finance departments of various companies around the world. Both closely monitor current developments in sustainability reporting, particularly the European regulations of the Corporate Sustainability Reporting Directive (CSRD), and its auditing and actively contribute this expertise to the Supervisory Board and Audit Committee.

Members

Dr. Kurt Bock^1,2 (Chairman)
Prof. Dr. Stefan Asenkerschbaumer^1,2
Prof. Dr. Thomas Carell^1,2
Liming Chen^1,2
Alessandra Genco^1,2
Tamara Weinert^1,2

Duties and authority

• Identifies suitable individuals for the Supervisory Board based on the objectives for the composition decided on by the Supervisory Board
• Prepares the recommendations made by the Supervisory Board for the election of shareholder representatives to the Supervisory Board by the Annual Shareholders’ Meeting

Members

Dr. Kurt Bock^1,2 (Chairman)
Prof. Dr. Stefan Asenkerschbaumer^1,2
Alessandra Genco^1,2
Sinischa Horvat^1,3
André Matta^1,3
Michael Vassiliadis³

Duties and authority

• Handles the further development of the company’s strategy
• Prepares resolutions of the Supervisory Board on the company’s major acquisitions, divestitures and portfolio measures