BP 2014 Annual Report Download - page 90

Fee structure
The table below shows the fee structure for the chairman in place since
1 May 2013. He is not eligible for committee chairmanship and
membership fees or intercontinental travel allowance. He has the use of a
fully maintained office for company business, a chauffeured car and
security advice in London. He receives secretarial support as appropriate to
his needs in Sweden.
Fee level
£ thousand
Chairman 785
The table below shows the fees paid for the chairman for the year ending
31 December 2014.
2014 remuneration (audited)
£ thousand Fees BenefitsaTotal
2014 2013 2014 2013 2014 2013
Carl-Henric Svanberg 785 773 37 49 822 822
a Benefits include travel and other expenses relating to the attendance at board and other
meetings. Amounts disclosed have been grossed up using a tax rate of 45%, where relevant, as
an estimation of tax due.
Chairman
Basic fee
 Remuneration is in the form of cash fees, payable monthly. Remuneration practice is consistent with recognized best practice standards for a
chairman’s remuneration and as a UK-listed company, the quantum and structure of the chairman’s remuneration will primarily be compared against
best UK practice.
Operation and opportunity
 The quantum and structure of chairman’s remuneration is reviewed annually by the remuneration committee, which makes a recommendation to the
board.
Benefits and expenses
 The chairman is provided with support and reasonable travelling expenses.
Operation and opportunity
 The chairman is provided with an office and full time secretarial and administrative support in London and a contribution to an office and secretarial
support in Sweden. A chauffeured car is provided in London, together with security assistance. All reasonable travelling and other expenses
(including any relevant tax) incurred in carrying out his duties is reimbursed.
The maximum remuneration for non-executive directors is set in accordance with the Articles of Association.
Chairman’s interests
The figures below include all the beneficial and non-beneficial interests of
the chairman in shares of BP (or calculated equivalents) that have been
disclosed under the DTRs as at the applicable dates. The chairman’s
holdings represented as a percentage against policy achieved are 610%.
Chairman
Ordinary
shares or
equivalents at
1 Jan 2014
Ordinary
shares or
equivalents at
31 Dec 2014
Change from
31 Dec 2014
to
23 Feb 2015
Ordinary
shares or
equivalents
total at
23 Feb 2015
Carl-Henric Svanberg 1,039,276 1,076,695 – 1,076,695
Non-executive directors
This section of the directors’ remuneration report completes the directors’ annual report on remuneration with details for the chairman and non-executive
directors (NEDs). The board’s remuneration policy for the NEDs was approved at the 2014 AGM. This policy was implemented during 2014. There has
been no variance of the fees or allowances for the chairman and the NEDs during 2014.
BP Annual Report and Form 20-F 201486