BP 2010 Annual Report Download - page 108
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Please find page 108 of the 2010 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Corporategovernance
Codeofethics
Thecompanyhasadoptedacodeofethicsforitsgroupchiefexecutive,
chiefnancialofcer,deputychiefnancialofcer,groupcontroller,
generalauditorsandchiefaccountingofcerasrequiredbytheprovisions
ofSection406oftheSarbanes-OxleyActof2002andtherulesissuedby
theSEC.Therehavebeennowaiversfromthecodeofethicsrelatingto
anyofcers.
InJune2005,BPpublishedacodeofconduct,whichisapplicable
toallemployees.
Controlsandprocedures
Evaluation of disclosure controls and procedures
Thecompanymaintains‘disclosurecontrolsandprocedures’,assuchterm
isdenedinExchangeActRule13a-15(e),thataredesignedtoensurethat
informationrequiredtobedisclosedinreportsthecompanylesor
submitsundertheExchangeActisrecorded,processed,summarizedand
reportedwithinthetimeperiodsspeciedintheSecuritiesandExchange
Commissionrulesandforms,andthatsuchinformationisaccumulatedand
communicatedtomanagement,includingthecompany’sgroupchief
executiveandchiefnancialofcer,asappropriate,toallowtimely
decisionsregardingrequireddisclosure.
Indesigningandevaluatingourdisclosurecontrolsandprocedures,
ourmanagement,includingthegroupchiefexecutiveandchiefnancial
ofcer,recognizethatanycontrolsandprocedures,nomatterhowwell
designedandoperated,canprovideonlyreasonable,notabsolute,
assurancethattheobjectivesofthedisclosurecontrolsandproceduresare
met.Becauseoftheinherentlimitationsinallcontrolsystems,no
evaluationofcontrolscanprovideabsoluteassurancethatallcontrolissues
andinstancesoffraud,ifany,withinthecompanyhavebeendetected.
Further,inthedesignandevaluationofourdisclosurecontrolsand
proceduresourmanagementnecessarilywasrequiredtoapplyits
judgementinevaluatingthecost-benetrelationshipofpossiblecontrols
andprocedures.Also,wehaveinvestmentsincertainunconsolidated
entities.Aswedonotcontroltheseentities,ourdisclosurecontrolsand
procedureswithrespecttosuchentitiesarenecessarilysubstantiallymore
limitedthanthosewemaintainwithrespecttoourconsolidated
subsidiaries.Becauseoftheinherentlimitationsinacost-effectivecontrol
system,misstatementsduetoerrororfraudmayoccurandnotbe
detected.Thecompany’sdisclosurecontrolsandprocedureshavebeen
designedtomeet,andmanagementbelievesthattheymeet,reasonable
assurancestandards.
Thecompany’smanagement,withtheparticipationofthe
company’sgroupchiefexecutiveandchiefnancialofcer,hasevaluated
theeffectivenessofthecompany’sdisclosurecontrolsandprocedures
pursuanttoExchangeActRule13a-15(b)asoftheendoftheperiod
coveredbythisannualreport.Basedonthatevaluation,thegroupchief
executiveandchiefnancialofcerhaveconcludedthatthecompany’s
disclosurecontrolsandprocedureswereeffectiveatareasonable
assurancelevel.
Management’s report on internal control over nancial reporting
ManagementofBPisresponsibleforestablishingandmaintaining
adequateinternalcontrolovernancialreporting.BP’sinternalcontrolover
nancialreportingisaprocessdesignedunderthesupervisionofthe
principalexecutiveandnancialofcerstoprovidereasonableassurance
regardingthereliabilityofnancialreportingandthepreparationofBP’s
nancialstatementsforexternalreportingpurposesinaccordance
withIFRS.
Asoftheendofthe2010scalyear,managementconductedan
assessmentoftheeffectivenessofinternalcontrolovernancialreporting
inaccordancewiththeInternalControlRevisedGuidanceforDirectorson
theCombinedCode(Turnbull).Basedonthisassessment,management
hasdeterminedthatBP’sinternalcontrolovernancialreportingasof
31December2010waseffective.
106BPAnnualReportandForm20-F2010