Material | November 15, 2007
BASF to become a European Company (SE)
The path is clear for the conversion of BASF in to a European Company (Societas Europaea, SE): Today (November 15) company management and the special negotiating body of employees signed the SE employee participation agreement.
It governs issues such as cross-border information for and consultation of employees through a BASF European works council, the BASF Europa Betriebsrat, as well as their participation on the Supervisory Board. The new BASF Europa Betriebsrat with 23 members from 12 European countries will be established with the founding of BASF SE. The conversion process will be completed at the beginning of 2008 with the entry into the commercial register (Handelsregister). “Our legal form will then also show that we live Europe. We are also strengthening the participation of the European employees in the BASF Group, improving our corporate governance and presenting ourselves once again as a pioneer in the chemical industry,” said Dr. Jürgen Hambrecht, Chairman of Board of Executive Directors of BASF Aktiengesellschaft. “We have concentrated on the important issues, negotiated intensively and reached a consensual agreement. I am pleased that we were able to complete the negotiations in such a short time,” said Hans-Carsten Hansen, head of Human Resources at BASF and chief negotiatior for management. Since the middle of June, 29 European employee representatives chaired by Robert Oswald, Chairman of the Central BASF works council, took part in the negotiations. “With the SE employee participation agreement, BASF is emphasizing social partnership throughout Europe. For us, it was especially important to include all European employees in the process to the new legal form. We will be able to continue this with the new BASF Europa Betriebsrat.” The Annual Meeting of BASF’s shareholders approved the conversion of BASF BASF Aktiengesellschaft into a European Company (Societas Europaea, SE) with the name BASF SE on April 26, 2007. The company’s headquarters will remain in Ludwigshafen. The Supervisory Board of the SE will have 12 members as follows: Shareholder representatives * Prof. Dr. Jürgen Strube, Mannheim * Max Dietrich Kley, Heidelberg * Dr. Tessen von Heydebreck, Frankfurt * Michael Diekmann, München * Prof. Dr. Francois N. Diederich, Zürich * Franz Fehrenbach, Stuttgart Employee representatives * Robert Oswald, Altrip * Wolfgang Daniel, Limburgerhof * Ralf Bastian, Neuhofen * Michael Vassiliadis, Hannover * Ulrich Küppers, Ludwigshafen * Denise Schellemans, Kalmthout