Implementation of the German Corporate Governance Code
BASF supports the German Corporate Governance Code, which is regarded as an important tool in the capital marketfocused continuing development of corporate governance and control, and advocates responsible corporate governance that focuses on sustainably increasing the value of the company.
BASF SE follows all recommendations of the German Corporate Governance Code in its most recently revised version of May 2013. This also applies to the Code’s new recommendations regarding compensation of the Board of Executive Directors. The new recommendations regarding transparency in the compensation of the Board of Executive Directors, however, will first need to be applied in the 2014 reporting year.
In the same manner, BASF has followed nearly all of the non-obligatory suggestions of the German Corporate Governance Code. We have not implemented the suggestion to enable shareholders to follow the proceedings of the entire Annual Shareholders’ Meeting online. The Annual Shareholders’ Meeting is publicly accessible via online broadcast until the end of the speech by the Chairman of the Board of Executive Directors. The subsequent discussion of items on the agenda is not accessible online in order to preserve the character of the Annual Shareholders’ Meeting as a meeting attended by our shareholders on-site.