BASF to become a European Company (SE)
Posted: November 15, 2007
BASF 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," said Jürgen Hambrecht, chairman of board of executive directors, BASF Aktiengesellschaft. "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,”
“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.