Requirements and topics
- Financial reporting is based on requirements of International Financial Reporting Standards, German Commercial Code and German Accounting Standards
- Sustainability reporting follows guidelines of the Global Reporting Initiative
- Dialog with sustainability experts and stakeholders regarding relevant topics
The information on the financial position and performance of the BASF Group is based on the requirements of International Financial Reporting Standards (IFRS), and, where applicable, the German Commercial Code as well as the German Accounting Standards (GAS). After delisting from the NYSE, we have retained a modified form of the control system for financial reporting based on the guidelines of the Sarbanes-Oxley Act. Internal control mechanisms ensure the reliability of the information presented in this report. BASF’s management confirmed the effectiveness of the internal control measures and compliance with the regulations for financial reporting.
Our sustainability reporting is aligned with the international guidelines (G3.1) of the Global Reporting Initiative (GRI) as well as with the principles of the UN Global Compact and the Blueprint for Corporate Sustainability Leadership. We want to identify and evaluate sustainability issues relevant for BASF at an early stage. To this end, we engage in constant dialog with our stakeholders. We evaluate and analyze sustainability issues together with experts in our materiality analysis in order to develop strategies well in advance for dealing with potential opportunities and risks. In 2011, we updated the analysis again and portrayed the results in a materiality matrix, which considers the degree of societal interest as well as the significance of these issues for BASF. We used this analysis as the basis for indentifying key topics for the report.
- Information and bases for calculation based on international standards for financial reporting and sustainability reporting
- Data collection methods for environmental protection and safety based on recommendations of the European Chemical Industry Council
- Relevant information included up to the editorial deadline of February 22, 2012
All information and bases for calculation in this report are based on national and international standards for financial and sustainability reporting. All of the data and information for the reporting period were sourced from the responsible units using representative methods. The reporting period was the financial year 2011. BASF Group’s reporting includes BASF SE, the parent company, with its headquarters in Ludwigshafen, Germany, as well as all of its material subsidiaries. All employees of the BASF Group as of December 31, 2011, are represented in the information contained in the chapter Employees.
Our data collection methods for environmental protection and occupational safety are based on the recommendations of the European Chemical Industry Council (CEFIC). In the area of emissions (air, water, waste) and energy, we report on approximately 98% of all emissions from our production sites worldwide. Data for our styrenics business was only collected until September 30, 2011. The emissions of joint venture companies are included pro rata, based on our stake. We compile information on work-related accidents at all Group company sites worldwide. Accidents at joint venture sites are compiled and reported, as well. Further data on social responsibility and transportation safety apply to all consolidated Group companies, unless otherwise indicated.
To make this report as current as possible, we have included relevant information available up to the editorial deadline of February 22, 2012. The report is published each year in English and in German.