BP 2014 Annual Report Download - page 11

Oversight
The board has continued to maintain oversight of performance, risk and financial efficiency
and kept a constant scrutiny on safety. Each year we review and monitor the group level
risks through our own work and our committees, who carry out the majority of the work,
leaving the board free to address strategic issues.
There are, however, longer-term issues on which we also have to focus, such as carbon
and its role in climate change. It is clear that it is for governments and regulators to set the
boundary conditions to address these issues and we will develop our business within their
framework. For example, we already factor a price for carbon into our project evaluation.
We recognize that we need to play our part in informing this debate and we do this
through our projections for future world energy markets in the BP Energy Outlook 2035.
Throughout, we must remain alert to developments that may alter the world in which we
operate. The board is recommending that shareholders support the resolution at the
annual general meeting seeking greater transparency of reporting in this important area.
Governance and succession
The board regularly considers how it operates and the appropriate composition and mix
around the board table – both to respond to today’s challenges and BP’s future strategic
direction. Antony Burgmans, the current chair of the remuneration committee, will stand
down as a director in 2016. In anticipation of his departure, Dame Ann Dowling will take
over the chair of that committee during 2015. We have also considered the chairs and
membership of all other committees. In 2012, upon Andrew Shilston joining the board and
being appointed the senior independent director, we announced that Antony Burgmans
would retain a role as an internal sounding board. This role will cease after the annual
general meeting. Andrew will join the remuneration and nomination committees.
I would like to welcome Alan Boeckmann who joined the board as a non-executive director
in July. Alan brings deep experience of contractor management, procurement and project
delivery in our industry following his career in Fluor Corporation. Alan will be joining the
remuneration committee after the annual general meeting. Our longest serving director,
Iain Conn, left the company in December to become chief executive of Centrica after an
almost 30-year career with BP, spanning different businesses and regions. George David
will retire from the board at our AGM in April. My fellow directors and I thank both Iain and
George for their huge contributions and work on behalf of the board.
I would also like to thank Bob Dudley, his team, my board colleagues and all our
employees for all that they have done. Finally, my thanks go to you, our shareholders, for
the support you have shown us during the year.
Carl-Henric Svanberg
Chairman
3 March 2015
Board performance
For information about the board and its
committees see page 51.
Remuneration
For information about our directors’
remuneration see page 72.
Top: Members of BP’s safety, ethics and
environmental assurance committee (SEEAC)
in Azerbaijan.
Bottom: Cynthia Carroll attends a briefing during
a visit to Brazil with SEEAC.
BP Annual Report and Form 20-F 2014 7
Strategic report