BP 2013 Annual Report Download - page 87

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Corporate governance
BP Annual Report and Form 20-F 2013 83
D
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P
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P
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Strategy
K
e
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f
o
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m
a
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d
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a
t
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r
s
2013 bonus
outcomes
see page 86
2013 deferred
bonus outcomes
(2010 deferral)
see page 87
Policy
see page 101
Policy
see page 100
2013 salary
outcomes
see page 86
2011-2013
plan outcomes
see page 88
Policy
see page 102
2013 pension
outcomes
see page 89
Policy
see page 103
Policy
see page 100
Salaries
reviewed
annually taking
account of both
internal and
external
comparators
Performance
measures
reflect strategy
and KPIs
Home country
norms apply
Performance
relative to
annual plan
Safety and
environmental
sustainability
performance
s
e
e
p
a
g
e
s
1
8
-
1
9
Remuneration – the big picture
EDIP renewal
The executive directors’ incentive plan (EDIP) has provided the umbrella
framework for share-based remuneration for BP executive directors since
it was first approved by shareholders in April 2000. It was renewed both in
2005 and 2010 and will expire in April 2015 according to its current
mandate. The UK Listing Rules require a separate approval for this plan
despite it largely being a duplication of what is included in the new policy
report governed by a different regulatory regime. Given that the EDIP is an
important vehicle to implement the remuneration policy, we concluded that
it was appropriate to bring its renewal forward to coincide with the first
policy vote. Details appear under resolution 19 in the Notice of Meeting,
and are consistent with those included in the policy report.
It is reassuring to see momentum building in the business, led by a
talented top team with resolve and commitment. Our remuneration
system has worked appropriately during difficult times, and I am confident
it will continue to do so as and when performance returns to healthy
sustained levels.
Antony Burgmans
Chairman of the remuneration committee
6 March 2014