BASF is saying farewell or at least au revoir to annual shareholder meetings at the Center Rosengarten in Mannheim.
The company first listed shares in 1953, and this year’s event in April was the 72nd meeting. But management announced today that the event in May will be online only.
BASF can expect a backlash from the virtual floor. The physical meetings were always well-attended, particularly by small shareholders and ex-employees with deep connections to the company and a forensic focus. They were already on high alert ever since BASF temporarily switched to online during the pandemic.
“Not everyone will be pleased, of course,” CEO Markus Kamieth said on a call today, adding that other German companies have already had success with a virtual format. “It’s not a decision for ever, we have to give it a try.”
BASF gets to save a bit of money and Kamieth feels some things will be a bit easier. Given the length and breadth of the typical BASF annual meeting, internally, this will be welcome news.
No more refreshments in the foyer, AGM goers will have to fix their own snacks and drinks chez eux.
What exactly BASF will serve up to shareholders during the course of 2025 remains a bit of an unknown. Production volumes in the automotive market are “looking like a headwind,” and the epicentre of the industry is gravitating towards China. Fortunately for BASF, it is well covered there. Then there’s pricing pressure in downstream chemicals, in areas like coatings and pesticides.
Shareholders will have to wait until February for a proper outlook for next year.
“This will also not be an easy year to predict, but by then, at least the US elections will be behind us,” Kamieth said.