BP 2013 Annual Report Download - page 89

Corporate governance
BP Annual Report and Form 20-F 2013 85
Single figure table of remuneration of executive directors in 2013 (audited)
Remuneration is reported in the currency received by the individual
Bob Dudley
thousand
Iain Conn
thousand
Dr Brian Gilvary
thousand
Dr Byron Grote
thousand
Annual remuneration 2013 2013 2012 2013 2012 2013 2012 2013 2012
Salary $1,776 $1,726 £763 £741 £700 £690 $743 $1,464
Annual cash bonusa $2,344 $837 £961 £374 £924 £366 $1,470 $710
Benefits $90 $86 £59 £39 £45 £13 $10 $15
Total $4,210 $2,649 £1,783 £1,154 £1,669 £1,069 $2,223 $2,189
Vested equity
Deferred bonus and matchb $0 $0 £242 £0 £0 £0 $893 $0
Performance shares $4,522c$0 £1,332c£666 £505c £299 $2,225c$0
Total $4,522 $0 £1,574 £666 £505 £299 $3,118 $0
Total remuneration $8,732 $2,649 £3,357 £1,820 £2,174 £1,368 $5,341 $2,189
Pension
Pension value increased $4,447 $6,535e£46 £0 £44 £1,024 $141 $747
Cash in lieu of future accrualf N/A N/A £267 £259 £245 £242 N/A N/A
Total including pension $13,179 $9,184 £3,670 £2,079 £2,463 £2,634 $5,482 $2,936
a
This reflects the amount of total overall bonus paid in cash with the deferred portion set out in the conditional equity table below. The relevant portions are two-thirds cash and one-third deferred.
b
This relates to the deferred bonus from prior years that vests.
c
Represents the assumed vesting of shares in 2014 following the end of the relevant performance period, based on anticipated performance achieved under the rules of the plan and includes re-invested
dividends on shares vested. In accordance with UK regulations, the vesting price of the assumed vesting is the average market price for the fourth quarter of 2013 which was £4.69 for ordinary shares
and $45.52 for ADSs.
d
Represents the annual increase in accrued pension multiplied by 20 as prescribed by UK regulations. For Bob Dudley the increase in actuarial value of $1,319,000 is considered to be a more accurate
reflection of the increase.
e
The figure for 2012 has been restated on the same basis as 2013 to be consistent with the finalized UK regulations.
f
As for all employees affected by UK pension tax limits and who wished to remain within these limits, with effect from April 2011, Iain Conn and Dr Brian Gilvary received a cash supplement of 35% of
basic salary in lieu of future service pension accrual.
Conditional equity – to vest in future years, subject to performance
Bob Dudley Iain Conn Dr Brian Gilvary Dr Byron Grote
Deferred bonus in respect of bonus year 2013 2012 2013 2012 2013 2012 2013 2012
Total deferred bonus Value (thousand) $1,172 $1,674 £481 £748 £462 £732 $0 $1,420
Total deferred converted to shares Shares 149,628 229,380 100,563 161,296 96,653 157,630 0 194,556
Total matched shares Shares 149,628 229,380 100,563 161,296 96,653 157,630 0 32,424
Vesting date Feb 2017 Feb 2016 Feb 2017 Feb 2016 Feb 2017 Feb 2016 Feb 2017 Feb 2016
Performance share element 2013-2015 2012-2014 2013-2015 2012-2014 2013-2015 2012-2014 2013-2015 2012-2014
Potential maximum shares 1,384,026 1,343,712 694,688 660,633 6 37,413 624,434 142,278 414,468
Vesting date Feb 2016 Feb 2015 Feb 2016 Feb 2015 Feb 2016 Feb 2015 Feb 2016 Feb 2015