BP 2008 Annual Report Download - page 77

BP Annual Report and Accounts 2008
BP board performance report
A joint meeting of the audit and safety, ethics and environment
assurance committees in January 2009 reviewed reports from the
general auditor as part of the board’s annual review of the system of
internal control. The reports described the significant risks identified
across the group within the categories of strategic, operational and
compliance and control and considered the control environment that
responds to such risks. The reports also highlighted the results of audit
work conducted during the year and the remedial actions taken by
executive management in response to significant failings and
weaknesses identified.
During the year, these committees engaged with executive
management, the general auditor and other monitoring and assurance
providers (such as the group compliance and ethics officer and the
external auditor) on a regular basis to monitor the management of
risks. Significant incidents that occurred and management’s response
to them were considered by the appropriate committee and reported
to the board.
In the board’s view, the information it received was sufficient to
enable it to review the effectiveness of the company’s system of internal
control in accordance with the ‘Internal Control Revised Guidance for
Directors’ in the Combined Code (Turnbull).
The board is satisfied that, where significant failings or
weaknesses in internal controls were identified during the year,
appropriate remedial actions were taken or are being taken.
Directors’ interests
Change from
31 Dec 2008
Current directors At 31 Dec 2008 At 1 Jan 2008 to 18 Feb 2009
A Burgmans 10,000 10,000 –
C B Carroll – – –
Sir William Castell 82,500 50,000 –
I C Conn 240,789a 229,969a 39,148
G David 9,000b –c –
E B Davis, Jr 73,185b 70,602b –
D J Flint 15,000 15,000 –
Dr B E Grote 1,214,330d 1,193,137d 47,334
Dr A B Hayward 488,459 482,398 39,148
A G Inglis 226,175e 224,006e 29,249
Dr D S Julius 15,000 15,000 –
Sir Tom McKillop 20,000 20,000 –
Sir Ian Prosser 16,301 16,301 –
P D Sutherland 30,906 30,906 –
Directors leaving the board in 2008 At resignation/retirement At 1 Jan 2008
Dr D C Allen (retired 31 March 2008) 597,568f 597,568f
Dr W E Massey (retired 17 April 2008) 49,722b 49,722b
aIncludes 44,158 shares held as ADSs at 31 December 2008 and 41,692 shares held as ADSs at 1 January 2008.
bHeld as ADSs.
cOn appointment at 11 February 2008.
dHeld as ADSs, except for 94 shares held as ordinary shares.
eIncludes 34,962 shares held as ADSs.
fIncludes 25,368 shares held as ADSs.
The above figures indicate and include all the beneficial and non-beneficial interests of each director of the company in shares of the company (or
calculated equivalents) that have been disclosed to the company under the Disclosure and Transparency Rules and Companies Acts 1985 or 2006
(as the case may be) as at the applicable dates. The above figures do not include share options granted or interests in performance shares that have
yet to vest. Details of these are set out in full in the directors’ remuneration report on pages 83 and 84.
Executive directors are also deemed to have an interest in such shares of the company held from time to time by the BP Employee Share
Ownership Plan (No.2) to facilitate the operation of the company’s option schemes.
No director has any interest in the preference shares or debentures of the company or in the shares or loan stock of any subsidiary company.
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