Functioning of the Board of Executive Directors and the 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.
ESRS-Kennzeichnung:
BASF SE’s two-tier management system
Double materiality
Double materiality as defined by the European Sustainability Reporting Standards (ESRS) is a concept that is applied in the materiality assessment. The principle of double materiality looks at sustainability aspects from two perspectives: 1. Impact materiality, which determines the actual and potential positive and negative impacts of business activities on various sustainability topics. 2. Financial materiality, which considers the opportunities and risks of sustainability topics for a company’s financial position.
Value chain
A value chain describes the successive steps in a production process: from raw materials through various intermediate steps, such as transportation and production, to the finished product.