29. Compensation of the Board of Executive Directors and Supervisory Board
The content of this section is not part of the statutory audit of the annual financial statements but has undergone a separate limited assurance by our auditor.
The content of this section is voluntary, unaudited information, which was critically read by the auditor.
Million € |
2024 |
2023 |
|---|---|---|
Short-term non-performance-related and performance-related compensation of the Board of Executive Directors |
14.5 |
10.3 |
Share-based compensation |
4.2 |
12.4 |
Termination benefits |
– |
9.7 |
Other long-term benefits |
– |
– |
Service costs for members of the Board of Executive Directors |
1.9 |
3.3 |
Total compensation of the Board of Executive Directors |
20.6 |
35.7 |
Million € |
2024 |
2023 |
|---|---|---|
Non-performance-related and performance-related compensation of the Board of Executive Directors |
14.5 |
10.3 |
Fair value of performance share units allocated to the Board of Executive Directors in the fiscal year as of allocation date |
12.1 |
9.2 |
Total compensation of the Board of Executive Directors |
26.6 |
19.5 |
|
|
|
|
|
|
Compensation of the Supervisory Board (short-term and non-performance-related) |
3.4 |
3.3 |
Total compensation of former members of the Board of Executive Directors and their surviving dependents |
12.4 |
11.8 |
Pension provisions for former members of the Board of Executive Directors and their surviving dependents |
179.9 |
172.8 |
Total compensation for the Board of Executive Directors and the Supervisory Board according to IAS 24.17 amounted to €24.0 million in 2024 (previous year: €39.0 million).
In 2024, members of the Board of Executive Directors were allocated 260,569 performance share units (PSUs) under the Long-Term-Incentive (LTI) plan (previous year: 214,253 PSUs) (for more information on the LTI plans, see Note 28).
As of 2024, the short-term incentive (STI) for the Board of Executive Directors is based on an additive STI formula. Three of the BASF Group’s financial targets (return on capital employed (ROCE), EBITDA before special items, and cash flows from operating activities) are included in the STI, each with a weighting of 25%. Nonfinancial targets represent the Board of Executive Directors’ other strategic priorities for the fiscal year and are included in the STI with a weighting of 25%.
Up to and including 2023, the STI performance bonus was based on the performance of the Board of Executive Directors as a whole and the return on capital employed (ROCE) of the BASF Group. Subject to certain conditions, ROCE is adjusted for special items from acquisitions and divestitures. The conditions for a ROCE adjustment were not met in either year.
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