BP 2010 Annual Report Download - page 104

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Corporategovernance
Reputation
Thecommitteehasmonitoredthepoliticallandscapeandtheviewsofthe
Americanpeople,inpartfromindependentpollingdatarelatingtomany
aspectsofBP’sresponsetotheincident.Thishashelpedinformmanyof
thecommittee’sdiscussions,andthecommitteewillcontinuetoreceive
pollingdataonaregularbasisin2011.
Othertopics
Thecommitteehasreceivedreportsonthestatusofthe$500-millionGulf
ofMexicoResearchInitiative(GRI).Researchgrantswillbeadministeredby
theGRI’sindependentresearchboard,andthecommitteewillreceive
periodicupdatestomonitorthatthedistributionoffundsisinaccordance
withtheprinciplesofsoundscience.
Thecommitteehasreviewedthestatusofpaymentsfromthe
$100-millionRigWorkerAssistanceFund(Fund).Thisfundisindependently
administeredbytheBatonRougeAreaFoundation,withBPhavingnoright
todirectpaymentsfromtheFund.Thecommitteewillreceiveperiodic
updatesonthestatusofpaymentsfromtheFund.
Committeeevaluation
Thecommitteehasrecentlyexamineditsperformanceandeffectiveness.
Thecommitteeconcludedthatmeetingsneednotbeasfrequentin2011.
Meetingswillbeapproximatelymonthly,withseveralmeetingsscheduled
totakeplaceintheUS.
Remuneration committee report
Committee members
DrDeAnneJulius–committeechair
AntonyBurgmans
GeorgeDavid
IanDavis(appointed2April2010)
Memberswholeftduringtheyear:
SirIanProsser(retired15April2010)
Committee role and structure
Thecommitteedeterminesonbehalfoftheboardthetermsof
engagementandremunerationofthegroupchiefexecutive,thechairman
andexecutivedirectorsandtoreportonthosetoshareholders.The
committeeisindependentlyadvised.
Thechairmanoftheboardattendsmeetingsofthecommittee.
DeAnneJuliuswillretireaschairoftheremunerationcommitteeat
the2011AGM,fromwhichtimeAntonyBurgmanswillassumethe
committeechairmanship.
Furtherdetailsonthecommittee’srole,authorityandactivities
duringtheyeararesetoutinthedirectors’remunerationreport,on
page111whichisthesubjectofavotebyshareholdersatthe2011AGM.
102BPAnnualReportandForm20-F2010