BP 2009 Annual Report Download - page 81

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BP Annual Report and Accounts 2009
Board performance and biographies
Board performance and biographies
Remuneration committee report
Structure of the committee
Members of the remuneration committee during the year were
Dr DeAnne Julius (chairman) and Sir Ian Prosser. Sir Tom McKillop
stepped down from the committee when he retired from the board in
April 2009 and Erroll Davis, Jr left the committee at the end of April 2009.
Antony Burgmans and George David joined the committee in May 2009.
The chairman of the board attends meetings of the committee and
Carl-Henric Svanberg attended meetings prior to becoming chairman on
1 January 2010.
Attendance
The committee met eight times during 2009:
Remuneration committee Remuneration committee
meetings eligible to attend meetings attended
Dr D S Julius (Chair) 8 8
A Burgmans 6 5
G David 6 6
E B Davis, Jr 2 2
Sir Tom McKillop 2 2
Sir Ian Prosser 8 8
Role and authority of the committee
The committee determines on behalf of the board the terms of
engagement and remuneration of the group chief executive and
executive directors and reports on these to shareholders. It also
makes recommendations to the board regarding the chairman’s
remuneration. The committee is independently advised.
Further details on the committee’s role, authority and activities
during the year are set out in the directors’ remuneration report, which is
the subject of a vote by shareholders at the 2010 AGM.
On behalf of the remuneration committee,
Dr DeAnne Julius
Remuneration committee chairman
Nomination committee report
This has been a very active year for the committee which has met
15 times.
The main tasks of the committee are:
• Identifying, evaluating and recommending candidates for the
appointment or re-appointment as directors.
• Identifying, evaluating and recommending candidates for
appointment as company secretary.
• Keeping under review the mix of knowledge, skills and experience of
the board to ensure an orderly succession of directors.
• Reviewing the outside directorships and broader commitments of the
non-executive directors.
Committee structure
The committee is comprised of the chairman and the chairs of the SEEAC,
audit and remuneration committees. During the year, Peter Sutherland,
Sir William Castell, Sir Ian Prosser and Dr DeAnne Julius were members.
After his appointment on 1 September, Carl-Henric Svanberg has attended
meetings of the committee. Dr Hayward has also attended certain
meetings of the committee during the year.
Attendance
Nomination committee meetings Nomination committee
eligible to attend meetings attended
P D Sutherland 15 12
Sir William Castell 15 14
Sir Ian Prosser 15 15
D S Julius 15 14
The work of the committee during the year has been focused on
two areas:
1. The completion of the process for the selection of a successor to
Peter Sutherland as chairman.
Sir Ian Prosser chaired the committee in this activity. After an
intensive process involving two external search consultants,
Carl-Henric Svanberg was selected as the next chairman in June
2009. He became a non-executive director on 1 September 2009 and
took the chair on 1 January 2010.
2. The continuing refreshment of the board.
During the year the committee has reviewed the skills needed for
the board against the competences and experience of the current
directors. Sir Tom McKillop retired from the board in April and Sir Ian
Prosser and Erroll Davis, Jr will retire at the next AGM. In the second
half of the year, the focus has been on refreshing the board and
identifying a number of candidates available to join the board in the
short and medium term. Two non-executive director appointments
were made in early 2010 following this process: Paul Anderson in
February and Ian Davis in March to take effect in April. This work will
continue as Dr Julius retires in 2011.
On behalf of the nomination committee,
Carl-Henric Svanberg
Chairman