Water is a great solvent. It’s neutral and doesn’t provide any strong positive or negative effects. It just helps components to mix better and to transport active components.
Panthenol is a proud member of a league of the best-performing components. It's a stable form of Vitamin B5 and is also known as Pro-Vitamin B5. It’s a very good and effective component for hydration, healing, and soothing irritated skin. It works so soft and gentle that it’s even recommended for people with skin problems like eczema.
In haircare products it’s used for protecting the fiber. It’s researched very well and doesn’t have any negative side effects.
PEG-40 Hydrogenated Castor Oil helps ingredients to mix better. It has nice cleansing activity helping to remove sebum and dirt from the surface of your skin. It's also responsible for making soft foam in soaps, shower gels, etc. Despite it having "PEG" in the title, it's considered to be safe.