BP 2011 Annual Report Download - page 143

Directors’ remuneration report
Directors’ remuneration report
BP Annual Report and Form 20-F 2011 141
R W Dudley I C Conn Dr B E Grote
Annual remuneration 2011 2010 2011 2010 2011 2010
Salary $1,700,000a$1,175,000 £720,000 £690,000 $1,426,500 $1,380,000
Annual cash performance bonus
b$850,000 0£396,000 £207,000 $713,250 $207,000
Other emoluments $66,000 $564,000c£227,500d£34,000 $15,000 $10,000
Total $2,616,000 $1,739,000 £1,343,500 £931,000 $2,154,750 $1,597,000
Vested equitye
Performance share element plan period 2009-2011 2008-2010 2009-2011 2008-2010 2009-2011 2008-2010
Vesting date Feb 2012 Feb 2011 Feb 2012 Feb 2011 Feb 2012 Feb 2011
Shares vestedf101,735 0149,259 155,695g187,193 0
Value $788,300 0£743,300 £764,000 $1,450,400 0
Conditional equitye
Deferred bonus in respect of bonus year h2011 2010 2011 2010 2011 2010
Vesting date Feb 2015 Feb 2014 Feb 2015 Feb 2014 Feb 2015 Feb 2014
Mandatory shares (including one-for-one match) 218,412 0161,304 42,768 183,276 53,208
Voluntary shares (including one-for-one match) 218,412 0161,304 0183,276 53,208
Performance share element 2011-2013 2010-2012 2011-2013 2010-2012 2011-2013 2010-2012
Vesting date Feb 2014 Feb 2013 Feb 2014 Feb 2013 Feb 2014 Feb 2013
Potential maximum shares 1,330,332 581,084 623,025 656,813 785,394 801,894
Amounts shown are in the currency received by executive directors. Annual bonuses are shown in the year they were earned.
a
Increase in salary for Mr Dudley relates to his appointment to group chief executive in October 2010.
b
This reflects the amount of total bonus paid in cash with the deferred bonus as set out in the conditional equity section.
c
This amount includes costs of London accommodation and any tax liability thereon that ceased at the end of 2010 following Mr Dudley’s appointment as group chief executive.
d As for all employees affected by the new UK pension tax limits and who wished to remain within these limits, with effect from April 2011, Mr Conn received a cash supplement of 35% of basic salary in
lieu of future service pension accrual amounting to £191,625.
e
Mr Dudley and Dr Grote hold shares in the form of ADSs. The above numbers reflect calculated equivalent in ordinary shares.
f
Represents vesting of shares made at the end of the relevant performance period based on performance achieved under rules of the plan and includes re-invested dividends on the shares vested. The
market price of ordinary shares on 14 February 2012 was £4.98 and for ADSs was $46.49.
g
There was no vesting under the performance share element. The shares that vested in February 2011 for Mr Conn pertained to a separate restricted award made in 2008.
h
It is anticipated that the 2011 deferred bonus award will be made in early March 2012. The number of deferred shares is calculated using the three-day average share price following the full-year result
announcement which was £4.84/share and $46.68/ADS in February 2011 and £4.91/share and $46.70/ADS in February 2012. Both deferred and matched shares are subject to a safety and environmental
hurdle over the three-year deferral period.
Remuneration of non-executive directors in 2011 (audited)
£ thousand
2011 2010
C-H Svanberg 750 750
P M Anderson 128 118
F L Bowman 120 17
A Burgmans 100 90
C B Carroll 85 90
Sir William Castell 168 147
G David 128a135
I E L Davis 160 69
B R Nelson 103 17
F P Nhlekob–
113
Directors leaving the board in 2011
D J Flint 35 108
Dr D S Julius 32c100
a In addition, George David received a £28,000 fee for chairing the BP technical advisory council.
b Appointed on 1 February 2011.
c This figure excludes a superannuation gratuity of £1,543.
While fees were held at 2010 levels, in 2011 actual fees paid to
non-executive directors were affected by changes in committee
membership and the number of intercontinental meetings for which an
attendance allowance was paid.
06
Value of hypothetical £100 holding
07 08 09 10 11
£200
£150
£100
£50
FTSE 100
BP
This graph shows the growth in value of a hypothetical £100 holding in
BP p.l.c. ordinary shares over five years, relative to the FTSE 100 Index
(of which the company is a constituent). The values of the hypothetical
£100 holdings at the end of the five-year period were £96.37 and
£105.95 respectively.
Historical TSR performance
Summary of remuneration of executive directors in 2011 (audited)