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BASF Initiates Change of Auditor

Supervisory Board plans to propose to the Annual Shareholders’ Meeting the election of Deloitte GmbH Wirtschaftsprüfungsgesellschaft as of 2024.

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

On the recommendation of the Audit Committee, the Supervisory Board of BASF SE has resolved in its meeting of October 20, 2022, to propose to the Annual Shareholders’ Meeting in the year 2024 the election of Deloitte GmbH Wirtschaftsprüfungsgesellschaft as auditor for the annual financial statements and the consolidated financial statements of BASF SE for the business year 2024. For the audit of the annual financial statements and the consolidated financial statements for the business year 2023, the Supervisory Board intends to propose to the Annual Shareholders’ Meeting in 2023 that the current auditor, KPMG AG Wirtschaftsprüfungsgesellschaft, be appointed.

The change of auditor as of the business year 2024 is required by law because with the audit of the financial statements in 2023 KPMG will reach the shortened maximum term for audits of financial statements as set out in the German Financial Market Integrity Strengthening Act (FISG). KPMG has been auditing the annual financial statements and the consolidated financial statements of BASF SE since the business year 2006.

The decision was preceded by a public and non-discriminatory tender procedure for the selection of a new auditor in accordance with the relevant provisions of the EU Statutory Audit Regulation. The selection process was carried out at an early stage to allow the new auditor sufficient time to conclude non-audit services and thus ensure its independence as well as a smooth transition.

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