BASF Report 2021 Corporate Governance – Corporate Governance Report 165 Audit Committee such as Corporate Audit or Compliance; can also view all of Strategy Committee BASF’s business documents and examine these and all other Members assets belonging to BASF. The Audit Committee can also engage Members Dame Alison Carnwath DBE* (chair) experts such as auditors or lawyers to carry out these inspections Dr. Kurt Bock* (chair) Tatjana Diether* Dame Alison Carnwath DBE* Anke Schäferkordt* Financial experts Franz Fehrenbach Michael Vassiliadis Pursuant to the German Corporate Governance Code, Dame Alison Waldemar Helber* Carnwath DBE, chair of the Audit Committee, has special knowl- Sinischa Horvat* Duties edge of, and experience in, applying accounting and reporting stan- Michael Vassiliadis – Prepares the negotiations and resolutions of the Supervisory dards and internal control methods and is familiar with the annual Board for the approval of the Financial Statements, the Consoli- audit. A further financial expert on the Supervisory Board is the vice Duties dated Financial Statements and the Management’s Reports chair of the Supervisory Board, Franz Fehrenbach. – Handles the further development of the company’s strategy including the Nonfinancial Statements and discusses the quar- – Prepares resolutions of the Supervisory Board on the company’s terly statements and the half-year financial report with the Board major acquisitions and divestitures of Executive Directors prior to their publication Nomination Committee – Deals with monitoring the financial reporting process, the annual audit, the effectiveness of the internal control system, the risk Members Meetings and meeting attendance management system, and the internal auditing system as well as Dr. Kurt Bock* (chair) compliance issues Prof. Dr. Thomas Carell* In the 2021 business year, meetings were held as follows: – Is responsible for business relations with the company’s external Dame Alison Carnwath DBE* – The Supervisory Board met five times. auditor: prepares the Supervisory Board’s proposal to the Annual Liming Chen* – The Personnel Committee met three times. Shareholders’ Meeting regarding the selection of an auditor, Franz Fehrenbach – The Audit Committee met five times. monitors the auditor’s independence, defines the focus areas of Anke Schäferkordt* – The Nomination Committee met twice. the audit together with the auditor, negotiates auditing fees, evalu- – The Strategy Committee did not meet. ates the quality of the audit, and establishes the conditions for the Duties provision of the auditor’s nonaudit services; the chair of the Audit – Identifies suitable individuals for the Supervisory Board based on All members attended all meetings of the Supervisory Board. The Committee regularly discusses this with the auditor outside of objectives for the composition decided on by the Supervisory meetings of the Supervisory Board committees were also attended meetings as well Board by all relevant committee members. – Deals with follow-up assessments of key acquisition and invest- – Prepares the recommendations made by the Supervisory Board ment projects for the election of Supervisory Board members for the Annual Due to the coronavirus pandemic, the meetings of the Supervisory – Is responsible for monitoring the internal process of identifying Shareholders’ Meeting Board and its committees in the 2021 business year were held in related party transactions and ensuring adherence to statutory accordance with appropriate safety measures and in compliance approval and disclosure requirements; grants approval of related with restrictions on assembly and travel as per the applicable party transactions infection prevention laws. They took place as in-person meetings – Is authorized to request any information that it deems necessary from the auditor or from the Board of Executive Directors and has a direct right to information from the heads of central departments * Classified by the Supervisory Board as an “independent” member of the Supervisory Board (see page 166 for the criteria used to determine independence)