In 2011, the Supervisory Board again addressed in detail the corporate governance standards applied by BASF and their implementation in the company. The Corporate Governance Report of the BASF Group provides extensive information on BASF’s corporate governance. It also includes the compensation report, containing full details on the structure and amount of the compensation for the Board of Executive Directors and the Supervisory Board, including of the members of the Board of Executive Directors.
At its meeting on December 15, 2011, the Supervisory Board approved the joint Declaration of Conformity by the Supervisory Board and the Board of Executive Directors in accordance with Section 161 of the German Stock Corporation Act. BASF complies with the recommendations of the German Corporate Governance Code in its version of May 26, 2010, without exception. The complete wording of the Declaration of Conformity is provided in the chapter and is also available to shareholders on BASF’s website.
The Supervisory Board has affirmed the independence of its members and determined that there are no conflicts of interest.