Corporate Governance

LyondellBasell recognizes the importance of good corporate governance and pursues a consistent policy to enhance and improve its corporate governance in line with U.S. and Dutch best practices. This section introduces our Management Board, our Supervisory Board and the committees on which they serve, and provides documents that summarize the standards that guide our actions and oversight of the company.

LyondellBasell is a Dutch company and is therefore subject to corporate governance requirements in the Netherlands. In addition, as an NYSE-listed first filer in the U.S., LyondellBasell is subject to the requirements of the U.S. Securities and Exchange Commission and the New York Stock Exchange. Our compliance with these requirements is detailed within the corporate governance section of our latest Dutch annual report and accounts and our proxy statement for the most recent annual general meeting. We conduct our global operations in accordance with internationally accepted principles of good governance and best practice, while ensuring compliance with the corporate governance requirements applicable in the countries in which we operate.

As a Dutch company, we are subject to the Dutch Corporate Governance Code (the “Code”), a set of principles and best practice provisions that are regarded as reflecting good corporate governance for Dutch companies. Compliance with the Code is in accordance with the ‘apply or explain’ principle. In other words, LyondellBasell must either apply the principles and best practice provisions of the Code or explain any departure from them. A copy of the Code can be found by visiting the website of the Dutch Corporate Governance Code Monitoring Committee by using the following link http://commissiecorporategovernance.nl.

LyondellBasell maintains a Code of Conduct that represents the standard of conduct which all LyondellBasell employees are expected to meet. Additionally, we have adopted a separate Financial Code of Ethics specific to our senior financial officers, including our Chief Executive Officer, Chief Financial Officer and principal accounting officer. While LyondellBasell expects honest and ethical conduct in all aspects of business from all of its employees, it expects the highest possible honest and ethical conduct from these senior financial officers, who hold an important and elevated role in corporate governance in that they are uniquely capable and empowered to ensure that all shareholders’ interests are appropriately balanced, protected and preserved.

In our two-tier corporate structure, the executive management of the Company is entrusted to the Management Board under the supervision of the Supervisory Board