Implementation of the German Corporate Governance Code

• BASF SE follows all recommendations of German Corporate Governance Code

BASF advocates responsible corporate governance that focuses on sustainably increasing the value of the company. BASF SE follows all of the recommendations of the German Corporate Governance Code in the version dated February 7, 2017, the version in force on submission of the Declaration of Conformity. The additional recommendations of the new German Corporate Governance Code, which was revised in 2019 and is still to be published in the Federal Gazette (Bundesanzeiger) (2020 Code), are likewise largely already met. The remaining necessary implementation measures have already been initiated. In the same manner, BASF follows nearly all of the nonobligatory suggestions of both of the above versions 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.