Compensation of Supervisory Board members

The disclosure of compensation of the Supervisory Board is based on the German Commercial Code and is aligned with the recommendations of the German Corporate Governance Code. The compensation of the Supervisory Board is regulated by the Statutes of BASF SE passed by the Annual Shareholders’ Meeting.

Each member of the Supervisory Board receives an annual fixed compensation of €60,000 and a performance-related variable compensation for each full €0.01 by which the earnings per share of the BASF Group, as declared in the BASF Group Consolidated Financial Statements for the year for which the remuneration is paid, exceeds the minimum earnings per share. For the 2014 business year, minimum earnings per share amounted to €1.65 (2013: €1.60). The performance-related variable remuneration is €800 for each €0.01 of earnings per share up to an earnings per share of €2.40, €600 for each further €0.01 of earnings per share up to an earnings per share of €2.90, and €400 for each €0.01 beyond this. The minimum earnings per share and the corresponding thresholds shall increase by €0.05 for each subsequent financial year. The performance-related variable compensation is limited to a maximum amount of €120,000.

Based on the earnings per share of €5.61 published in the BASF Group Consolidated Financial Statements 2014, the performance-related compensation reached the maximum amount of €120,000 (2013: €120,000).

The chairman of the Supervisory Board receives two-and-a-half times and a vice chairman one-and-a-half times the compensation of an ordinary member. Members of the Supervisory Board who are members of a committee, except for the Nomination Committee, receive a further fixed compensation for this purpose in the amount of €12,500. For the Audit Committee, the further fixed compensation is €50,000. The chairman of a committee shall receive twice and a vice chairman one-and-a-half times the further fixed compensation.

The company reimburses members of the Supervisory Board for out-of-pocket expenses and value-added tax to be paid with regard to their activities as members of the Supervisory Board or of a committee. The company further grants the members of the Supervisory Board a fee of €500 for attending a meeting of the Supervisory Board or one of its committees to which they belong and includes the performance of the duties of the members of the Supervisory Board in the cover of a loss liability insurance concluded by it (D&O insurance), which includes a deductible.

Total compensation of the Supervisory Board of the company for activities in 2014, including the attendance fees, was around €3 million (2013: around €3 million). The compensation of the individual Supervisory Board members is as follows:

Compensation of the Supervisory Board of BASF SE (in thousand €)

 

 

Fixed salary

Performance-related variable compensation

Compensation for committee memberships

Total compensation

 

 

2014

2013

2014

2013

2014

2013

2014

2013

1

Chairman of the Personnel Committee

2

Member of the Personnel Committee

3

Chairwoman/Chairman of the Audit Committee

4

Member of the Audit Committee

Dr. Jürgen Hambrecht, Chairman since May 2, 20141

 

100.0

200.0

16.7

316.7

Dr. h. c. Eggert Voscherau, Chairman until May 2, 20141

 

62.5

150.0

125.0

300.0

10.4

25.0

197.9

475.0

Michael Diekmann, Vice Chairman2

 

90.0

90.0

180.0

180.0

12.5

12.5

282.5

282.5

Robert Oswald, Vice Chairman2

 

90.0

90.0

180.0

180.0

12.5

12.5

282.5

282.5

Ralf-Gerd Bastian4

 

60.0

60.0

120.0

120.0

50.0

50.0

230.0

230.0

Dame Alison Carnwath DBE, Supervisory Board member since May 2, 20143

 

40.0

80.0

66.7

186.7

Wolfgang Daniel

 

60.0

60.0

120.0

120.0

180.0

180.0

Prof. Dr. François Diederich

 

60.0

60.0

120.0

120.0

180.0

180.0

Franz Fehrenbach4

 

60.0

60.0

120.0

120.0

50.0

50.0

230.0

230.0

Francesco Grioli, Supervisory Board member since May 2, 2014

 

40.0

80.0

120.0

Max Dietrich Kley, Supervisory Board member until May 2, 20143

 

25.0

60.0

50.0

120.0

41.7

100.0

116.7

280.0

Anke Schäferkordt

 

60.0

60.0

120.0

120.0

180.0

180.0

Denise Schellemans

 

60.0

60.0

120.0

120.0

180.0

180.0

Ralf Sikorski, Supervisory Board member until May 2, 2014

 

25.0

60.0

50.0

120.0

75.0

180.0

Michael Vassiliadis2,4

 

60.0

60.0

120.0

120.0

62.5

62.5

242.5

242.5

Total

 

892.5

870.0

1,785.0

1,740.0

323.0

312.5

3,000.5

2,922.5

Compensation for Supervisory Board membership and membership of Supervisory Board committees is payable after the Annual Shareholders’ Meeting, which approves the Consolidated Financial Statements upon which the variable compensation is based. Accordingly, compensation relating to the year 2014 will be paid following the Annual Shareholders’ Meeting on April 30, 2015.

In 2014, as in 2013, the company paid the Supervisory Board member Prof. Dr. François Diederich a total of CHF 38,400 (2014: approximately €31,600; 2013: approximately €31,200) plus value-added taxes and out-of-pocket expenses for consulting work in the area of chemical research based on a consulting contract approved by the Supervisory Board.

Beyond this, no other Supervisory Board members received any compensation in 2014 for services rendered personally, in particular, the rendering of advisory and agency services.