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The conversion of BASF Aktiengesellschaft into a European Company, a Societas Europaea (SE), was completed on January 14, 2008. This conversion from an AG to an SE enables us to increase the participation of our European employees. At the same time, by reducing the Supervisory Board to 12 members, we are establishing the structural conditions necessary for further improved corporate governance. This makes us a pioneer in the chemical industry.
In April 2007, the Annual Meeting of BASF voted with a large majority to accept the proposal submitted by the Board of Executive Directors and Supervisory Board to change the company’s legal form. The conversion process was completed in January 2008, with the entry into the commercial register (Handelsregister). The Supervisory Board of BASF consists of 12 members: six shareholder representatives and six employee representatives. In addition to the Supervisory Board, a new group of European employee representatives will be established, the BASF Europa Betriebsrat (Europe Works Council), comprising of 23 members from 12 countries.
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Consequences of the transformation
BASF’s transformation into an SE has no consequences for its contract partners, customers or employees. Employee contracts will continue as before; works agreements and collective wage agreements have been retained. Shareholders’ rights have not been altered by the new legal form, and the conversion also has no impact on stock exchange trading of BASF shares. BASF shares are listed on the stock exchanges of Frankfurt, London and Zurich and can be traded there. The headquarters and chief administrative offices of BASF SE will remain in Ludwigshafen.
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