14 January 2008 12:02 [Source: ICIS news]
LONDON (ICIS news)--BASF on Monday completed its transition to European Company status, changing the German chemical company’s name to BASF SE (Societas Europaea).?xml:namespace>
BASF said its supervisory board now has 12 members, including six shareholder representatives and six employee representatives.
Also with immediate effect, the company has established a new European works council named BASF Europa Betriebsrat, which consists of 23 members from 12 European countries.
“We are the first company in our industry to embody the idea of ?xml:namespace>
“At the same time, we are strengthening the involvement of European employees and improving our corporate governance,” he added.
BASF management approved the conversion in April 2007 and reached an agreement with employee representatives in mid-November.
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.
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