BP 2015 Annual Report Download - page 11

some clear results and I am proud of the part that Bob has played in leading the initiative
within our industry. At our last AGM in April the board was pleased to support a resolution
brought by a group of our shareholders that encouraged greater disclosure of our work in
this area; our evolving response to this is set out in our Sustainability Report due for
publication this March.
Oversight
The world continues to be a troubled place and the risks faced by BP are ever evolving.
The board keeps under review its approach to the monitoring of risk – as demonstrated by
the board’s oversight of cybersecurity and the sharpened focus on geopolitical risk through
the formation of the geopolitical committee. This is complemented by the work of our
international advisory board. As we progress with our litigation in the US, we expect to
stand down the Gulf of Mexico committee during 2016 and I would like to thank my
colleagues for the important work and focus they have given to this committee over the
past five years. Oversight of the continuing litigation will fall to the full board.
Governance and succession
Membership of the board has continued to be refreshed and during the year Paula
Reynolds and Sir John Sawers joined us as non-executive directors. Paula brings deep
experience from the financial and energy worlds, while John brings long experience of
international politics and security that are so important to our business. Professor Dame
Ann Dowling has taken the chair of the remuneration committee in anticipation of Antony
Burgmans standing down from the board after twelve years. Antony has chaired the
remuneration committee and is also chairing the newly formed geopolitical committee
until April when Sir John Sawers will succeed him. Phuthuma Nhleko, who joined the
board in 2011, has decided not to offer himself for re-election at the forthcoming AGM due
to external business commitments. On behalf of the board I thank Antony and Phuthuma
for the substantial contribution that they have made to all of our work.
In 2015 Bob and his executive team have worked determinedly to steer the business
through some difficult times with some tough decisions. They have met every challenge
and as a result the business is in robust shape as we go into 2016. They deserve our
thanks as do all our employees. I would like to thank the board for all that they have done.
And I would like to thank our shareholders for your continued support. We are set to
continue supplying energy to help meet global demand while delivering value to you from
a great business.
Carl-Henric Svanberg
Chairman
4 March 2016
Board performance
For information about the board and its
committees see page 55.
Remuneration
For information about our directors’
remuneration see page 76.
Top: The safety, ethics and environmental
assurance committee (SEEAC) examine safety
measures at our operations in the Khazzan field
in Oman.
Bottom: SEEAC members meeting crew on the
Cassia platform in Trinidad and Tobago where
they inspected the safety of operations.
★ Defined on page 256.
a See Our financial framework on page 19.
BP Annual Report and Form 20-F 2015 7
Strategic report