Report of the Supervisory Board
Dear Shareholder,
BASF faced exceptional and unexpected challenges last year. Russia’s invasion of Ukraine fundamentally and permanently changed the playing field for the European chemicals business, but especially for the shareholding in Wintershall Dea.
After a good start to the business year, general economic uncertainty, concerns about the availability of key raw materials and extreme increases in energy prices all led to a disappointing sales and earnings performance in the second half of the year. Despite this, we still achieved the targeted operating result. A number of less energy-intensive businesses performed very well overall. The bottom line – income after taxes – was negative due to the necessary impairments on the shareholding in Wintershall Dea resulting from its de facto expropriation in Russia.
At its meetings, the Supervisory Board addressed in depth the impact of the turmoil on the raw materials and energy markets on the operational business and on the short and long-term competitiveness of important businesses and sites, as well as their value. The measures immediately taken by the Board of Executive Directors to reduce gas dependency and maintain Verbund production, especially at the Ludwigshafen site in Germany, deserve special recognition. This includes public statements on the importance of a secure and competitive gas supply for the chemical industry as well as for Germany as a business location. Our discussions also focused on the further development of the BASF Group in light of increasing geopolitical risks, changes in the regulatory environment and the path taken by the Board of Executive Directors toward climate neutrality. Last but not least, the foundation was laid for the further development of the Board of Executive Directors in terms of personnel.
Seamless and solution-oriented collaboration between the Supervisory Board and the Board of Executive Directors is particularly important in challenging times. The Supervisory Board would like to thank the Board of Executive Directors for their extraordinary performance in light of the fundamentally new challenges. Our thanks also go out to our employees around the world for their impressive commitment in times of great uncertainty and insecurity.
For the Supervisory Board, 2022 was a year of change in personnel. Five new members have joined since the end of the Annual Shareholders’ Meeting. This means that seven of the twelve members have joined the Supervisory Board since its regular election in 2019. The Supervisory Board meets all of the objectives it has set with regard to its composition and competencies.
The Supervisory Board welcomes the fact that the upcoming Annual Shareholders’ Meeting can finally be held in person again. Especially in difficult times, direct dialog with you – our shareholders – is even more important than ever before.
Monitoring and consultation in an ongoing dialog with the Board of Executive Directors
In 2022, the Supervisory Board of BASF SE exercised its duties as required by law and the Statutes with the utmost care. It regularly monitored the management of the Board of Executive Directors and provided advice on the company’s strategic development and important individual measures, about which the Supervisory Board was regularly and thoroughly informed by the Board of Executive Directors. This occurred both during and outside of the meetings of the Supervisory Board and its committees in the form of written and oral reports on, for example, business developments including the major financial key performance indicators (KPIs) of the BASF Group and its segments, macroeconomic developments and the economic situation in the main sales and procurement markets, and on deviations in business developments from original plans. Furthermore, the Supervisory Board tackled fundamental questions of corporate planning, including financial, investment, sales volumes and personnel planning, as well as measures for designing the future of research and development. Regular topics of discussion were occupational and process safety, matters relating to sustainability, the environmental and social impact of the company’s activities and the challenges of climate change for the future development of BASF’s business. The Supervisory Board discussed in detail the reports from the Board of Executive Directors and also deliberated on prospects for the company and its individual business areas with the Board of Executive Directors. It was convinced of the lawfulness, expediency and propriety of the Board of Executive Directors’ company leadership.
The Chairman of the Supervisory Board and the Chairman of the Board of Executive Directors were also in regular contact outside of Supervisory Board meetings. The Chairman of the Supervisory Board was always promptly and comprehensively informed of current developments and significant individual issues. The Supervisory Board was involved at an early stage in decisions of major importance. The Supervisory Board passed resolutions on all of those individual measures taken by the Board of Executive Directors which by law or the Statutes required the approval of the Supervisory Board.
Supervisory Board meetings
The Supervisory Board held five meetings in the 2022 business year, each of which was attended by all members. The meetings were held in person with the Supervisory Board members physically present. Two members of the Supervisory Board participated in three of these meetings, and three members of the Supervisory Board participated in one meeting by means of electronic video communication. The members of the Supervisory Board elected by shareholders and those elected by the employees prepared for the meetings in separate preliminary discussions in each case, which were also attended by members of the Board of Executive Directors.
All members of the Board of Executive Directors attended the Supervisory Board meetings unless it was deemed appropriate that the Supervisory Board discuss individual topics – such as personnel matters relating to the Board of Executive Directors – without them being present. In addition, each Supervisory Board meeting includes an agenda item that provides an opportunity for discussion without the Board of Executive Directors (executive session).
A significant component of all Supervisory Board meetings was the Board of Executive Directors’ reports on the current business situation with detailed information on sales and earnings development, opportunities and risks for business development, the status of important investment projects (current and planned), important aspects of economic, environmental and social sustainability, developments in the regulatory environment, developments on the capital markets, significant managerial measures taken by the Board of Executive Directors, and innovation projects.
In all meetings held in 2022, the Supervisory Board also discussed the progress of major investments and ongoing portfolio projects, such as investments to establish a new Verbund site in southern China.
An important agenda item at all meetings of the Supervisory Board since March 2022 has been the impact of the war in Ukraine on the BASF Group’s business activities. Strict compliance with the sanctions regulations of the European Union and other Western countries forms the basis for BASF’s actions. The main focus of the Board of Executive Directors’ reporting and the discussion in the Supervisory Board here was on the supply of natural gas, which is particularly critical for BASF’s business, and the upturn in energy prices. The possible consequences for BASF’s competitiveness in the short, medium and long term, particularly in Europe and at the Ludwigshafen site in Germany, and the impact on Wintershall Dea AG’s until now important business in gas production in Russia and in gas transportation, were discussed in depth, and the measures taken by the Board of Executive Directors were supported.
About the meetings in detail: On February 23, 2022, the Supervisory Board reviewed the financial statements of BASF SE and the BASF Group for the 2021 business year that were submitted by the Board of Executive Directors, the corresponding management’s reports, including the nonfinancial statements as well as the dividend proposal, and approved the financial statements. In preparation, the auditor had explained the process and results in detail the previous day and discussed them with the Supervisory Board. In addition, the Supervisory Board discussed and approved the Compensation Report in accordance with section 162 of the German Stock Corporation Act (AktG). It also discussed the agenda for the Annual Shareholders’ Meeting on April 29, 2022, and adopted proposals for resolutions. Since the Supervisory Board considered it impossible to hold a physical meeting due to the continuing effects of the coronavirus pandemic, it agreed to again hold the Annual Shareholders’ Meeting as a virtual event without the physical presence of shareholders. Other topics discussed at the meeting were the development of business, opportunities and challenges in the Materials segment.
The Supervisory Board met on April 28, 2022, one day before the virtual Annual Shareholders’ Meeting, to prepare for the Annual Shareholders’ Meeting. The impact of the outbreak of war in Ukraine was also discussed.
The meeting on July 18/19, 2022, focused on the status of the implementation of BASF’s corporate strategy and the further development of the BASF Group. Key individual topics here were:
- The implementation of BASF’s corporate strategy, external challenges and measures to increase earnings
- The competitiveness of the Ludwigshafen site against a background of high energy prices and intensifying regulation
- The future development of the oil and gas business and the shareholding in Wintershall Dea AG
- The further development, opportunities and risks of the business in China; approval of the investment in a Verbund site in southern China
- The status, development and prospects of selected future business areas
At its meeting on October 20, 2022, the Supervisory Board discussed the composition of the Board of Executive Directors and passed a resolution to extend the appointment of the Chairman of the Board of Executive Directors, Dr. Martin Brudermüller, until the Annual Shareholders’ Meeting 2024 and to appoint Dr. Dirk Elvermann as the successor to Chief Financial Officer Dr. Hans-Ulrich Engel, who will retire at the end of the Annual Shareholders’ Meeting on April 27, 2023. Other key topics included the tender for the auditor’s mandate from the 2024 business year with the resolution to propose Deloitte GmbH Wirtschaftsprüfungsgesellschaft as the future auditor to the Annual Shareholders’ Meeting 2024, as well as the implementation of the new recommendations of the amended German Corporate Governance Code.
At its meeting on December 15, 2022, the Supervisory Board discussed and approved the Board of Executive Directors’ operational and financial planning, including the investment budget for 2023, and, as in previous years, authorized the Board of Executive Directors to procure the necessary financing in 2023 within a set limit. The Supervisory Board also addressed the topics of increasing the competitiveness of the Ludwigshafen site in Germany, expanding BASF’s renewable energy portfolio in Europe, compliance management in the BASF Group and fulfilling due diligence obligations in supply chains.
Compensation and composition of the Board of Executive Directors
In several meetings over the 2022 business year, the Supervisory Board discussed and passed resolutions on the compensation of the Board of Executive Directors. In addition, two decisions on the composition of the Board of Executive Directors had to be taken.
At its meeting on February 23, 2022, the Supervisory Board deliberated and agreed on the 2022 targets for the Board of Executive Directors based on the preparations of the Personnel Committee. It also discussed and resolved on the final performance factors for the Board of Executive Directors’ short-term and long-term incentives for 2021. At its meeting on October 20, 2022, the Supervisory Board discussed the appointment of a successor for the Chief Financial Officer Dr. Hans-Ulrich Engel, who will retire from the Board of Executive Directors as of April 27, 2023, and, in line with the recommendation made by the Personnel Committee, appointed Dr. Dirk Elvermann as a member of the Board of Executive Directors from this date. Also following the recommendation by the Personnel Committee, it was resolved to extend the appointment of the Chairman of the Board of Executive Directors, Dr. Martin Brudermüller, by one year until the end of the 2024 Annual Shareholders’ Meeting. At its meeting on December 15, 2022, the Supervisory Board evaluated, based on the discussions and the corresponding recommendation of the Personnel Committee, the Board of Executive Directors’ performance in 2022 and set the performance factor for the short-term incentive 2022 and the strategic performance factors for the deferral compensation components for 2019–2022.
Committees
The Supervisory Board of BASF SE has four committees: 1. the committee for personnel matters of the Board of Executive Directors and the granting of loans in accordance with section 89(4) of the German Stock Corporation Act (Personnel Committee); 2. the Audit Committee; 3. the Nomination Committee; and 4. the Strategy Committee. Following each Committee meeting, the chairs of the Committees reported in detail about the meetings and the activities of the Committees at the subsequent meeting of the Supervisory Board. The Supervisory Board has not established a special sustainability committee: In the Supervisory Board’s opinion, sustainability is a material cross-cutting issue that affects all aspects of the Supervisory Board’s supervision activities and is therefore considered in depth by the entire Supervisory Board. Sustainability expertise is broadly embedded in the Supervisory Board and has long been a very important requirement for its work.
The Personnel Committee met four times during the reporting period. All meetings were conducted in person. All committee members attended all meetings. At its meeting on February 22, 2022, the Personnel Committee discussed the target agreement for the Board of Executive Directors for 2022 and the targets for the long-term compensation to be granted in 2022 for the Board of Executive Directors for the period 2022–2025, as well as the 2021 Compensation Report. At its meeting on July 18, 2022, the Personnel Committee focused on the development of leadership at BASF’s top levels of management below the Board of Executive Directors and long-term succession planning for the Board of Executive Directors, including potential successor candidates. A key topic here was the process for deciding on the successor for the Chief Financial Officer, Dr. Hans-Ulrich Engel, who will retire from the Board of Executive Directors at the end of the Annual Shareholders’ Meeting on April 27, 2023. The main agenda item at the meeting on October 19, 2022, was the review of the appropriateness of the compensation of the Board of Executive Directors. For this purpose, the Personnel Committee had also obtained an appropriateness study from an independent external consultant, based on which the Personnel Committee currently does not see any need to adjust the compensation. The agenda also included the discussion of proposed resolutions for the Supervisory Board to extend the appointment of the Chairman of the Board of Executive Directors, Dr. Martin Brudermüller, which ends with the Annual Shareholders’ Meeting on April 27, 2023, and to appoint a new Board of Executive Directors member to succeed the departing Chief Financial Officer. At its meeting on December 14, 2022, the Personnel Committee discussed the assessment of the Board’s performance in 2022, a proposal for the performance-related variable compensation and the further development of the Board of Executive Directors.
The Audit Committee met five times during the reporting period. Three meetings were conducted as in-person meetings and two meetings were conducted as video conferences. All committee members attended all meetings. Part of December’s meeting was held without the Board of Executive Directors present (executive session). The Audit Committee is responsible for all the tasks listed in section 107(3) sentence 2 of the German Stock Corporation Act (AktG) and the recommendations of the German Corporate Governance Code. The Audit Committee is also responsible for monitoring the internal process for identifying related party transactions and adopting resolutions to approve related party transactions. The chair of the Audit Committee also maintains regular contact with the auditor between meetings, in particular regarding the progress of the annual audit. During the Audit Committee meetings attended by the auditor, the Audit Committee also discusses matters with the auditor in a separate part of the meeting without a member of the Board of Executive Directors present.
At the meeting on February 22, 2022, the auditor reported in detail on its audits of BASF SE’s Separate and Consolidated Financial Statements for the 2021 business year, including the corresponding management’s reports, and discussed the results of its audit with the Audit Committee. The committee’s audit also included the Nonfinancial Statements of BASF SE and the BASF Group, sustainability reporting as well as the Compensation Report of BASF SE in accordance with section 162 AktG, which had been audited by the external auditor. In preparation for the audit of the Nonfinancial Statements, the Audit Committee had, following a corresponding resolution by the Supervisory Board, additionally engaged KPMG to perform a limited assurance and issue an assurance report on it. KPMG also reported in detail on the focus, the procedure and the key findings of this audit.
At its meeting on April 28, 2022, the Audit Committee addressed the BASF Group’s quarterly statement for the first quarter of 2022, which was due for publication, risk management in the BASF Group, and the organization and results of further environmental, health and safety audits and controls.
Focus topics at the meeting on July 22, 2022, were the BASF Group’s Half-Year Financial Report and the internal audit system, on which the head of the Corporate Audit department reported.
At the meeting on July 22, 2022, the Audit Committee also engaged KPMG AG Wirtschaftsprüfungsgesellschaft – the auditor elected by the Annual Shareholders’ Meeting on April 29, 2022 – with the audit for the 2022 reporting year and agreed upon the auditing fees. The focus areas and scope of the annual audit were discussed and defined together with the auditor.
At its meeting on October 19, 2022, the Audit Committee discussed the BASF Group’s Quarterly Statement for the third quarter of 2022 and addressed the topics of compliance with and follow-up on major acquisitions and divestitures. The head of the Corporate Compliance unit reported on compliance topics. In continuation of its consultations in previous meetings, the Audit Committee also addressed at length the tender for the audit of the Annual Financial Statements and the Consolidated Financial Statements of BASF SE from the 2024 business year, discussed the results of the tender process and, based on this result, recommended that the Supervisory Board propose to the Annual Shareholders’ Meeting that Deloitte GmbH Wirtschaftsprüfungsgesellschaft be appointed as auditor from the 2024 business year. The Audit Committee was regularly involved in the tender and application process through its chair. The meeting also addressed the Committee’s annual self-assessment of the effectiveness and efficiency of its work.
At the meeting on December 14, 2022, the auditors responsible reported on the status of the annual audit, as well as the focus areas of the audit and the most important individual items. This also included possible impairments on individual assets and the carrying amount of the shareholding in Wintershall Dea AG.
At all meetings, the Audit Committee addressed the main pending accounting issues and risks arising from litigation.
The Nomination Committee is responsible for preparing candidate proposals for the Supervisory Board members to be elected by the Annual Shareholders’ Meeting. The Nomination Committee is guided by the objectives for the composition of the Supervisory Board adopted by the Supervisory Board as well as the competence profile and diversity concept for the Supervisory Board. The Nomination Committee did not meet in 2022 as there were no further changes to the Supervisory Board members to be elected by the Annual Shareholders’ Meeting beyond the new appointments resolved at the Annual Shareholders’ Meeting on April 29, 2022, which the Nomination Committee had already prepared intensively in 2021.
The Strategy Committee, which was established to discuss strategic options for the further development of the BASF Group, did not meet in 2022.
Corporate governance and Declaration of Conformity
The Supervisory Board places great value on ensuring good corporate governance: In 2022, it was therefore once again intensely occupied with the corporate governance standards practiced in the company and the implementation of the recommendations and suggestions of the German Corporate Governance Code, both in the version dated December 16, 2019, and in the amended version dated April 28, 2022 (GCGC 2022), which forms the basis for the forward-looking section of the company’s Declaration of Conformity dated December 2022. Discussions concentrated on the implementation of the new recommendations of GCGC 2022 and its focus areas: integrating sustainability into company management and the Supervisory Board’s supervision activities, the Audit Committee’s special expertise in accounting and auditing, and cooperation with the auditor.
In accordance with the recommendations of the German Corporate Governance Code and the guiding principles for the dialog between investors and German supervisory boards, the Chairman of the Supervisory Board again sought dialog with investors where appropriate in 2022.
Special onboarding events were held for the new members of the Supervisory Board to familiarize them with the basics of corporate governance at BASF, the organization and internal structures of the BASF Group, and the composition of its businesses and their strategies. Above and beyond this, the company also supports the members of the Supervisory Board with training for their activities on the Supervisory Board, whether through external offerings such as topic-specific seminars or internal information offerings such as site and plant visits.
At its meeting of December 15, 2022, 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 (AktG). BASF had complied with all recommendations of the German Corporate Governance Code in the version dated December 16, 2019, until this date and has since complied with all of the recommendations of the GCGC 2022. The Corporate Governance Report provides extensive information on the BASF Group’s corporate governance.
- Declaration of Conformity 2022 of the Board of Executive Directors and the Supervisory Board of BASF SE
- basf.com/en/corporategovernance
Independence and efficiency review
An important aspect of good corporate governance is the independence of Supervisory Board members and their freedom from conflicts of interest. The Supervisory Board based the assessment of the independence of its members on the recommendations of the German Corporate Governance Code and the additional criteria for assessing the independence of Supervisory Board members contained in the Rules of Procedure of the Supervisory Board, which were revised in the Supervisory Board meeting on December 19, 2019. The criteria used to assess independence are presented in the Corporate Governance Report. Based on these criteria, the Supervisory Board came to the conclusion that all of the six shareholder representatives and five of the six employee representatives – 11 of the 12 members of the Supervisory Board in total – are considered to be independent as of the end of 2022. Michael Vassiliadis was classified as non-independent due to the length of his membership on the Supervisory Board, which exceeds 12 years. Above and beyond this, the Supervisory Board does not see any indications that the Supervisory Board role is not performed completely independently. In cases where Supervisory Board members hold supervisory or management positions at companies with which BASF has business relations, we see no impairment of their independence. The scope of these businesses is marginal and furthermore, they are conducted at arm’s length.
The Supervisory Board reviews the efficiency of its activities every year in the form of a self-assessment. To this end, the Chairman of the Supervisory Board again conducted a written survey of all Supervisory Board members in the fourth quarter of 2022 on the basis of a detailed questionnaire covering the entire range of relevant Supervisory Board topics, supplemented by individual discussions. These included, in particular, the preparation and conduct of Supervisory Board meetings, the content and topics of the meetings, cooperation within the Supervisory Board and cooperation with the Board of Executive Directors and the auditor. The results of these dialogs, including suggestions to further improve the Supervisory Board’s work, were presented by the Chairman of the Supervisory Board at the Supervisory Board meeting on December 15, 2022, and thoroughly discussed by the members of the Supervisory Board. Overall, its members again rated the Supervisory Board’s activity as efficient.
Independent of the efficiency review of the Supervisory Board, the Audit Committee also conducted a self-assessment of its activities in 2022 based on individual discussions between the chair of the Audit Committee and all members of the Audit Committee. Material subjects were the organization and content of meetings, meeting documents and reports, participants and quality of discussions at meetings, and the implementation of the recommendations of the 2021 efficiency review. The Audit Committee discussed the results of the questionnaire and detailed suggestions at its meeting on October 19, 2022. On this basis, the members judged the Audit Committee’s work to be efficient and appropriate.
Separate and Consolidated Financial Statements; Compensation Report
KPMG AG Wirtschaftsprüfungsgesellschaft, the auditor elected by the Annual Shareholders’ Meeting for the 2022 reporting year, has audited the Financial Statements of BASF SE and the BASF Group Consolidated Financial Statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and the additional requirements that must be applied in accordance with section 315e(1) of the German Commercial Code (HGB), including the Management’s Report and the accounting records from which they were prepared, and have approved them free of qualification. Furthermore, the auditor certified that the Board of Executive Directors had taken the measures incumbent on it under section 91(2) of the German Stock Corporation Act (AktG) in an appropriate manner. In particular, it had instituted an appropriate early risk detection system that fulfilled the requirements of the company and is suitable for the early identification of developments that could pose a risk to the continued existence of the BASF Group. The results of the audit as well as the procedure and material findings of the audit of the financial statements are presented in the Auditor’s Report.
Beyond the statutory audit of the Financial Statements, KPMG also conducted, on behalf of the Supervisory Board, a limited assurance of the Nonfinancial Statements (NFSs) for BASF SE and the BASF Group, which are integral parts of the respective management’s reports. On the basis of its audit, KPMG did not raise any objections to reporting and the satisfaction of the relevant statutory requirements. The auditor also audited the Compensation Report for the 2022 reporting year established in accordance with section 162 AktG, including the related disclosures.
- Assurance report issued by KPMG on the substantive audit of the NFS
- Assurance report issued by KPMG on the audit of the Compensation Report
The auditor’s reports were sent in a timely manner to every member of the Supervisory Board. The auditor attended the accounts review meeting of the Audit Committee on February 21, 2023, as well as the accounts meeting of the Supervisory Board on February 22, 2023, and reported on the procedure and material findings of its audit, including the key audit matters described in the Auditor’s Report. The auditor also provided the Supervisory Board with detailed explanations of the reports on the day before the accounts meeting.
The Audit Committee reviewed the Financial Statements, the Management’s Report and the Compensation Report at its meeting on February 21, 2023, including the reports prepared by the auditor and the key audit matters specified in the Auditor’s Report, and discussed them in detail with the auditor. The chair of the Audit Committee gave a detailed account of the preliminary review at the Supervisory Board meeting on February 22, 2023. On this basis, the Supervisory Board examined the Financial Statements and Management’s Report of BASF SE for 2022, the proposal by the Board of Executive Directors for the appropriation of profit, and the Consolidated Financial Statements and Management’s Report for 2022. The results of the preliminary review by the Audit Committee and the results of the Supervisory Board’s own examination fully concur with those of the audit. The Supervisory Board sees no grounds for objection to the management or the reports submitted.
At its accounts meeting on February 22, 2023, the Supervisory Board approved the Financial Statements of BASF SE and the Consolidated Financial Statements of the BASF Group prepared by the Board of Executive Directors, making the 2022 Financial Statements final. The Supervisory Board concurred with the proposal of the Board of Executive Directors regarding the appropriation of profit and the payment of a dividend of €3.40 per share.
Also at the meeting on February 22, 2023, the Supervisory Board discussed with the Board of Executive Directors the joint Compensation Report of the Board of Executive Directors and the Supervisory Board in accordance with section 162 AktG and approved it.
Composition of the Supervisory Board
The composition of the Supervisory Board changed significantly in 2022. Altogether, five Supervisory Board members stepped down at the end of the Annual Shareholders’ Meeting on April 29, 2022, two shareholder representatives and three employee representatives. The retired shareholder representatives are Anke Schäferkordt and Franz Fehrenbach, and the employee representatives are Denise Schellemans, Waldemar Helber and Roland Strasser. The Annual Shareholders’ Meeting on April 29, 2022, elected Alessandra Genco and Prof. Dr. Stefan Asenkerschbaumer to the Supervisory Board as new shareholder representatives. On the employee representative side, Denise Schellemans and Waldemar Helber retired and were succeeded by Peter Zaman and André Matta, the substitute members elected by the competent election body in the 2019 Supervisory Board elections. The Ludwigshafen am Rhein District Court also appointed Natalie Mühlenfeld as an employee representative on the Supervisory Board by court order dated April 12, 2022. The BASF Europa Betriebsrat (European Works Council) confirmed the appointment as the competent election body for the employees by resolution dated June 23, 2022. The mandates of all newly appointed Supervisory Board members run until the end of the current Supervisory Board period, i.e., until the Annual Shareholders’ Meeting 2024. Following the new appointments, the Supervisory Board continues to consist of four women and eight men.
According to the Supervisory Board’s assessment, the current members meet in full the objectives for the composition of the Supervisory Board with respect to the competence profile and the diversity concept. This also applies to the expertise on the sustainability topics important to BASF, which the Supervisory Board has recently included in the competence profile as a further competence requirement.
The Supervisory Board would like to thank its retired members – Anke Schäferkordt, Franz Fehrenbach, Denise Schellemans, Waldemar Helber and Roland Strasser – for their dedicated and exceptionally competent service to BASF’s Supervisory Board.
Ludwigshafen, February 22, 2023
The Supervisory Board
Dr. Kurt Bock
Chairman of the Supervisory Board