On January 4, 2022, the Board of Executive Directors of BASF SE resolved on a share buyback program with a volume of up to €3 billion. This started on January 11, 2022, and is to be completed by December 2023. The share buyback program was initially based on the authorization by the Annual Shareholders’ Meeting on May 12, 2017. The program was continued after the renewed authorization to purchase own shares had been granted by the Annual Shareholders’ Meeting of BASF SE on April 29, 2022. Around 18.5 million shares had been repurchased for almost €1.1 billion as of June 30, 2022.
Together with Heraeus, Hanau, Germany, BASF announced on February 11, 2022, the formation of a joint venture (BASF: 50%; Heraeus: 50%) to recover precious metals from spent automotive catalysts. BASF HERAEUS (China) Metal Resource Co., Ltd., based in Pinghu, China, was formed in early May 2022. Construction of the joint venture’s recycling plant is scheduled to begin this year, with start of operations in 2023.
The following changes in responsibilities to two Board of Executive Directors departments (“Ressorts”) took effect as of March 1, 2022:
- Saori Dubourg (Ressort IV) assumed responsibility for the Petrochemicals, Intermediates, Performance Materials and Monomers divisions. She remains responsible for the region Europe.
- Michael Heinz (Ressort V) assumed responsibility for the Care Chemicals, Nutrition & Health and Agricultural Solutions divisions. He remains responsible for the regions North America and South America.
On April 12, 2022, BASF and Allianz Capital Partners (on behalf of Allianz Insurance Companies) closed the purchase of 25.2% of the Hollandse Kust Zuid (HKZ) offshore wind farm by Allianz Capital Partners. BASF had acquired 49.5% of HKZ from Vattenfall in the third quarter of 2021. BASF will receive most of the power produced by its originally acquired share of 49.5% of HKZ under a long-term fixed-price power purchasing agreement.
On April 29, 2022, the Annual Shareholders’ Meeting of BASF SE elected Alessandra Genco (48), Chief Financial Officer of Leonardo SpA, Rome, Italy, and Professor Dr. Stefan Asenkerschbaumer (66), chairman of the supervisory board of Robert Bosch GmbH and managing partner of Robert Bosch Industrietreuhand KG, Stuttgart, Germany, to the Supervisory Board of BASF SE as new shareholder representatives. They succeed Anke Schäferkordt (59) and Franz Fehrenbach (72), who stepped down from the Supervisory Board as of the end of the Annual Shareholders’ Meeting 2022 due to their many years of service on the Board. The mandates run until the end of the Annual Shareholders’ Meeting 2024.
In addition, as of the end of the Annual Shareholders’ Meeting 2022, Peter Zaman (53), deputy secretary of the Works Council of BASF Antwerpen NV, André Matta (51), member of the BASF Works Council Europe and the Works Council of BASF SE, and Natalie Mühlenfeld (41), district manager of the Mining, Chemical and Energy Industries Union (IG BCE) for the Düsseldorf district, joined the Supervisory Board of BASF SE as new employee representatives. They succeed Denise Schellemans (60), Waldemar Helber (64) and Roland Strasser (46), who resigned their mandates as of the end of the Annual Shareholders’ Meeting 2022. Their mandates on the Supervisory Board of BASF SE also run until the end of the Annual Shareholders’ Meeting 2024.
As announced on April 27, 2022, BASF wound down its business activities in Russia and Belarus as of July 10, 2022. Business to support food production remains an exception. This decision was driven by recent developments in the war of aggression on Ukraine and in international law, including the fifth E.U. sanctions package. In 2021, Russia and Belarus accounted for around 1% of the BASF Group’s total sales.
Following a detailed review of the impact of the decision from April 27, 2022, impairments on assets of €51 million and provisions for obligations to customers, suppliers and employees in the amount of €27 million were recognized by June 30, 2022. An impairment test was performed for Wintershall Dea’s Russian assets as of June 30, 2022. This did not reveal any need for adjustment above and beyond the impairments recognized by Wintershall Dea in the first quarter.