Last Update: 03/12/2009
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Code of Conduct

German Corporate Governance Code

BASF accords good Corporate Governance great importance. We therefore support the German Corporate Governance Code, which we regard as an important tool in the capital market-focused continuing development of corporate governance and control, and advocate responsible corporate governance that focuses on a sustainable increase in the value of the company.

BASF SE follows all recommendations of the German Corporate Governance Code in its revised version of June 2008. This also applies to the new recommendations of the Code regarding the Supervisory Board’s dealing with the compensation of Board members, the limits on severance payments to Board members who cease their duties prior to the expiry of their term of office as well as the consideration of the interim reports by the Audit Committee.

You can find the joint Declaration of Conformity 2008 of the Board of Executive Directors and Supervisory Board of BASF SE at the end of this section. In the same manner, BASF also fulfils most of the non-obligatory suggestions of the German Corporate Governance Code. Sole exceptions are suggestions regarding the Chair of the Audit Committee and the consideration of the compensation components of the Supervisory Board that are based on the long-term success of the company.
The Declaration of Conformity 2008, an overview of the implementation of the code’s suggestions and the German Corporate Governance Code are available on our website at

Values and Principles of the BASF Group/Code of Conduct

In order to guarantee a high standard of corporate governance, the Board of Executive Directors has set down and published the “Values and Principles” of the BASF Group, and the “Code of Conduct/Compliance Program.” These lay down our business principles and guidelines for the conduct of all activities within the BASF Group. The Code of Conduct describes in detail the conduct we expect from BASF employees – based on the principle of integrity. Key areas for us include observing all relevant legislation, in particular antitrust and competition legislation, embargo and export controls legislation – including those on chemical weapons, labor laws and legislation relating to plant safety. Other issues covered are bans on insider dealing and bans on facilitation payments to, or from, business partners or government officials, and the responsible treatment of BASF’s assets. The Corporate Audit department, together with BASF’s Chief Compliance Officer, monitors compliance on a regular basis.
The “Values and Principles” of the BASF Group and the “Code of Conduct” are also available on the Internet at
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