15 November 2007 16:02 [Source: ICIS news]
LONDON (ICIS news)--The employee agreement that sets BASF on the path to becoming a European company – or Societas Europaea – was signed on Thursday, it said.
BASF will be the first chemical company to adopt SE status, a move widely seen as helping streamline European administrative and legal operations.
The new legal form -- BASF will forego its current Aktiengesselschaft (AG) status -- “will show that we live in ?xml:namespace>
One of the key aspects of conversion to SE status is an SE employee participation agreement which governs EU cross border information and consultation for employees.
Chairman of the BCE trade union, Hubertus Schmoldt, said the BASF agreement had established the yardstick by which it would measure companies that wanted to adopt European legal form.
He called the (employee) participation agreement signed in
BASF will have a European works council, the BASF Europa Betriebsrat, and employee representatives on its European advisory board.
The new BASF Europa Betriebsrat, with 23 members from 12 European countries will be established with the founding of BASF SE, the chemicals giant said.
BASF SE will have a 12 member supervisory board including six employee representatives.
There are currently 93 registered and active SEs in Europe, the largest proportion from
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