BP 2005 Annual Report Download - page 103
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47 Remuneration of directors and key management
REMUNERATION OF DIRECTORS $ million
2005 2004 2003
Total for all directors
Emoluments 18 19 17
Ex-gratia payments to executive directors retiring in the year – – 1
Gains made on the exercise of share options – 3 1
Amounts awarded under incentive schemes 8 6 4
Emoluments These amounts comprise fees paid to the non-executive chairman and the non-executive directors and, for executive directors, salary
and benefits earned during the relevant financial year, plus bonuses awarded for the year.
Pension contributions Five executive directors participated in a non-contributory pension scheme established for UK staff by a separate trust fund
to which contributions are made by BP based on actuarial advice. One US executive director participated in the US BP Retirement Accumulation
Plan during 2005.
Office facilities for former chairmen and deputy chairmen It is customary for the company to make available to former chairmen and deputy
chairmen, who were previously employed executives, the use of office and basic secretarial facilities following their retirement. The cost involved
in doing so is not significant.
Further information Full details of individual directors’ remuneration are given in the directors’ remuneration report on pages 164-173.
REMUNERATION OF KEY MANAGEMENT $ million
2005 2004 2003
Total for all key management
Short-term employee benefits 25 24 20
Post-retirement benefits 4 3 2
Share-based payment 27 20 20
Key management, in addition to executive and non-executive directors, includes certain senior managers who are members of the Group Chief
Executive’s Meeting.
Short-term employee benefits In addition to fees paid to the non-executive chairman and non-executive directors, these amounts comprise, for
executive directors and senior managers, salary and benefits earned during the year, plus bonuses awarded for the year.
Post-retirement benefits The amounts represent the estimated cost to the group of providing pensions and other post-retirement benefits to key
management in respect of the current year of service measured in accordance with IAS 19 ‘Employee Benefits’.
Share-based payments This is the cost to the group of key management’s participation in share-based payment plans, as measured by the fair value
of options and shares granted accounted for in accordance with IFRS 2 ‘Share-based Payments’. The main plans in which key management have
participated are the Executive Directors’ Incentive Plan (EDIP), the Medium Term Performance Plan (MTPP) and the Long Term Performance Plan
(LTPP). For details of these plans refer to Note 45, Share-based payments.
BP Annual Report and Accounts 2005 101