FRANKFURT (MarketWatch) -- BASF Aktiengesellschaft on Monday announced its official conversion into a European Company - Societas Europaea, or SE - with the entry of its name into the commercial register of the Ludwigshafen district court.
As of Monday, the company's name is BASF SE. The conversion process took less than 12 months. The Annual Meeting approved the conversion on Apr. 26, 2007 and the employee participation agreement was reached with employee representatives in mid-November.
The newly constituted Supervisory Board of BASF SE appointed the members of the Board of Executive Directors of BASF SE on Dec. 5. The new commercial register number is HRB 6000.
At a ceremony at the Ludwigshafen district court, Eggert Voscherau, Vice Chairman of the Board of Executive Directors of BASF SE, thanked everyone involved in the conversion process: "This is an historic day for BASF and its employees. We are the first company in our industry to embody the idea of Europe through its legal form. At the same time, we are strengthening the involvement of European employees and improving our corporate governance."
Effective immediately, the BASF supervisory Board consists of 12 members: six shareholder representatives and six employee representatives. This board will govern until the 2009 Annual Meeting.
Also with immediate effect, BASF SE has established a new European works council consisting of 23 members from 12 European countries. The headquarters and chief administrative offices of BASF SE will remain in Ludwigshafen.