BP 2007 Annual Report Download - page 197

BP ANNUAL REPORT AND ACCOUNTS 2007 195
6Pensionscontinued
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Reconciliation of plan surplus to balance sheet 2007 2006
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Surplus (deficit) at 31 December 7,265 5,662
Deferred tax (2,008) (1,671)
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5,257 3,991
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Represented by
Asset recognized on balance sheet 5,338 4,067
Liability recognized on balance sheet (81) (76)
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5,257 3,991
aReflects $29,372 million of assets held in the BP Pension Fund (2006 $27,147 million) and $39 million held in the BP Global Pension Trust (2006 $22 million).
bReflects $21,992 million of liabilities of the BP Pension Fund (2006 $21,377 million) and $38 million of liabilities of the BP Global Pension Trust (2006 $21 million).
The aggregate level of employer contributions into the BP Pension Fund in 2008 is expected to be nil.
$ million
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History of surplus (deficit) and of experience gains and losses 2007 2006 2005 2004 2003
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Benefit obligation at 31 December 22,146 21,507 18,316 18,613 16,288
Fair value of plan assets at 31 December 29,411 27,169 21,542 20,706 17,850
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Surplus (deficit) 7,265 5,662 3,226 2,093 1,562
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Experience gains and losses on plan liabilities
Amount ($ million) (155) (211) (66) 157 621
Percentage of benefit obligation (1)% (1)% 0% 1% 4%
Actual return less expected return on pension plan assets
Amount ($ million) 404 1,252 2,946 750 1,526
Percentage of plan assets 1% 5% 14% 4% 9%
Actuarial gain (loss) recognized in statement of total recognized gains and losses
Amount ($ million) 698 1,120 1,159 197 841
Percentage of benefit obligation 3% 6% 6% 1% 5%
Cumulative amount recognized in statement of total recognized gains and losses 4,015 3,317 2,197 1,038 841
7 Called up share capital
The allotted, called up and fully paid share capital at 31 December was as follows:
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2007 2006
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Shares Shares
Issued (thousand) $ million (thousand) $ million
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8% cumulative first preference shares of £1 each 7,233 12 7,233 12
9% cumulative second preference shares of £1 each 5,473 9 5,473 9
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21 21
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Ordinary shares of 25 cents each
1January 21,457,301 5,364 20,657,045 5,164
Issue of new shares for employee share schemes 69,273 18 64,854 16
Issue of ordinary share capital for TNK-BP ––111,151 28
Repurchase of ordinary share capital (663,150) (166) (358,374) (90)
Othera––982,625 246
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31 December 20,863,424 5,216 21,457,301 5,364
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5,237 5,385
Authorized
8% cumulative first preference shares of £1 each 7,250 12 7,250 12
9% cumulative second preference shares of £1 each 5,500 9 5,500 9
Ordinary shares of 25 cents each 36,000,000 9,000 36,000,000 9,000
aReclassification in respect of share repurchases in 2005.
Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for
every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on
other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each.
In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference
shares plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the
preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over
par value.