Expert Corporate Governance Service (ECGS)
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Proxy Report - 13/04/2018

General: Covestro AG is among the world's largest polymer producers. The Company's business activities are focused on the manufacturing of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health, and the chemical industry itself. Covestro has about 30 production sites around the globe and employs approximately 16,200 people.

Covestro AG was founded as a subsidiary of Bayer AG on 20 August 2015 as a consequence of Bayer AG's decision to contribute its MaterialScience business to a stock corporation and to publicly list shares of this company on the stock exchange. On 1 September 2015, the control and profit and loss transfer agreement between Covestro Deutschland AG (formerly Bayer MaterialScience AG) and Bayer AG was terminated and Covestro Deutschland AG became a subsidiary of Covestro AG. The
Company's initial public offering (IPO) was conducted on 6 October 2016. Following the IPO, Bayer AG initially held a total of 69% of the shares in Covestro and has since reduced its shareholding gradually to 14.2%. Effective 30 September 2017, Covestro AG and Bayer AG signed a control termination agreement according to which Bayer cedes all control of Covestro. As a result, Covestro is no longer consolidated by Bayer as a subsidiary.

Agenda: We have no concerns over the agenda items at this year's AGM.

Covestro AG

Covestro AG is a global supplier of high-tech polymer materials and application solutions developed for these materials. Co. produces precursors for polyurethane foams and the high-performance plastic polycarbonate in addition to raw materials for coatings, adhesives and sealants as well as specialty products, including high-quality films. Other precursors such as chlorine and by-products like styrene are part of Co.'s range of products.


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