BP 2012 Annual Report Download - page 118

Corporate governance
BP Annual Report and Form 20-F 2012
116
Shareholder engagement
The company operates an active programme of investor dialogue,
including regular investor meetings, which provides an opportunity to
communicate with shareholders and analysts and to understand their
views on the company’s performance and strategy. The board receives
feedback on investor views through results of the investor audit and
reports from management and directors who have had shareholder
interaction over the year.
Shareholder engagement cycle 2012
January BP 2030 Energy Outlook presentation
February 4Q results and strategy presentation
Investor roadshows with executive
management
March
UKSA private shareholder meeting
Chairman and committee chairs meeting
SRI roadshow on BP Sustainability Review
Plaintiff’s Steering Committee settlement
investor call
April Annual General Meeting
May 1Q results
June Launch of BP Statistical Review of World
Energy
July 2Q results
September Oil and gas conferences
October Group SRI meeting
Engagement on remuneration
November
3Q results and investor update
Oil sands webinar
DoJ resolution investor call
December Upstream investor day
Institutional investors
Executive directors and senior management regularly meet with
institutional investors through roadshow, group and one-to-one meetings.
Events for socially responsible investors (SRI) are held throughout the
year, including a group meeting which discussed managing safety and
operational risk in BP, people capability, managing potential risk in wells
and the company’s progress on the Bly Report recommendations. Whilst
held in the UK, this meeting was webcast for US and overseas investors.
During the year the chairman, senior independent director and chairs of the
SEEA and remuneration committees held one-to-one meetings with
institutional investors to discuss strategy, the board’s view on the company’s
performance, governance, operational practices and the group’s
remuneration structure. An annual investor event was held in March 2012
with the chairman and chairs of the board committees. This meeting enables
BP’s largest shareholders to discuss the work of the board and its
committees, and for non-executive directors to engage in dialogue with
investors. It is intended that a similar event is held in March 2013.
Materials from investor presentations, including information on the work
of the board and its committees can be downloaded at bp.com/investors.
Private investors
An event for private investors was held in 2012, organized in conjunction
with the UK Shareholders’ Association (UKSA). A group of 40 private
shareholders listened to presentations from the chairman and head of
investor relations on BP’s annual results, strategy and the work of the
board. The event enabled shareholders to ask questions on the company’s
activities and for the company to receive direct private shareholder
feedback. The event will be repeated in 2013.
BP’s ‘lost shareholder’ programme was continued over the year. This
returns shares and unclaimed dividends to shareholders who have failed
to keep their contact details up to date. The amount of unclaimed
dividends reunited in 2012 was approximately £750,000.
AGM
BP’s shareholder base is geographically diverse and a webcast and an
advance electronic and paper voting service is offered to make the
meeting accessible to those who cannot attend in person.
The voting levels for the 2012 AGM saw an increase over the previous
year to 63.2% (versus 60.6% in 2011). A webcast, speeches and
presentations from the AGM are available on bp.com/agm after the
meeting, together with the outcome of voting on each resolution. At the
2012 AGM all resolutions were passed with votes ranging from 88.2%-
99.8%. As in previous years, the board received a report after the AGM
giving a breakdown of the vote and feedback from large shareholders on
their voting decisions for the meeting.
Geographical distribution of share ownership
as at 31 December 2012 (%)a
1
2
3
4
5
1. UK 36%
2. US 38%
3. Rest of Europe 14%
4. Rest of World 11%
5. Miscellaneousb 1%
a Represents BP’s best efforts to determine ownership of the group’s shares, based on analysis
of the year-end share register.
b Miscellaneous represents unidentified shares that are awaiting confirmation of the identity
of the holder and the nature of their interest in the shares following enquiries made under
Section 793 of the Companies Act 2006.
.