BP 2010 Annual Report Download - page 119

Directors’ remuneration report
Directors’ remuneration report
Performance share element of EDIP (information subject to audit)
Share element interests Interests vested in 2010 and 2011
Market price Potential maximum performance sharesa
of each share
Date of at date of award Number of Market price
award of of performance ordinary of each share
Performance performance shares At 1 Jan Awarded At 31 Dec shares Vesting at vesting
period shares £ 2010 2010 2010 vestedb date £
R W Dudleyc 2009-2011 06 May 2009 5.00 539,634 – 539,634 – – –
2010-2012 09 Feb 2010 5.64 – 581,082 581,082 – – –
I C Conn 2007-2009 06 Mar 2007 5.12 456,748 – – 95,697 3 Feb 2010 5.76
2008-2010 13 Feb 2008 5.61 578,376 – 578,376 0 – –
2008-2011d 13 Feb 2008 5.61 133,452 – 133,452 155,695 22 Feb 2011 4.91
2008-2013d 13 Feb 2008 5.61 133,452 – 133,452 – – –
2009-2011 11 Feb 2009 5.10 780,816 – 780,816 – – –
2010-2012 09 Feb 2010 5.64 – 656,813 656,813 – – –
Dr B E Grotec 2007-2009 06 Mar 2007 5.12 491,640 – – 101,502 3 Feb 2010 5.76
2008-2010 13 Feb 2008 5.61 581,748 – 581,748 0 – –
2009-2011 11 Feb 2009 5.10 992,928 – 992,928 – – –
2010-2012 09 Feb 2010 5.64 – 801,894 801,894 – – –
Directors leaving the board in 2010
Dr A B Hayward 2007-2009 06 Mar 2007 5.12 706,311 – – 147,985 3 Feb 2010 5.76
2008-2010 13 Feb 2008 5.61 845,319 – 821,838e 0 – –
2009-2011 11 Feb 2009 5.10 1,182,540 – 755,512e – – –
2010-2012 09 Feb 2010 5.64 – 994,739 303,948e – – –
A G Inglis 2007-2009 06 Mar 2007 5.12 400,243 – – 83,859 3 Feb 2010 5.76
2008-2010 13 Feb 2008 5.61 578,376 – 578,376 0 – –
2008-2011d 13 Feb 2008 5.61 133,452 – – 0 – –
2008-2013d 13 Feb 2008 5.61 133,452 – – 0 – –
2009-2011 11 Feb 2009 5.10 780,816 – 520,544e – – –
2010-2012 09 Feb 2010 5.64 – 656,813 218,938e – – –
a
BP’s performance is measured against the oil sector. For awards under the 2007-2009 and 2008-2010 plans, the performance condition is TSR measured against ExxonMobil, Shell, Total and Chevron.
For awards under the 2009-2011 plan, performance conditions are measured 50% on TSR against ExxonMobil, Shell, Total, ConocoPhillips and Chevron and 50% on a balanced scorecard of underlying
performance. For the awards under the 2010-2012 plan, performance conditions are measured one third on TSR against ExxonMobil, Shell, Total, ConocoPhillips and Chevron and two thirds on a balanced
scorecard of underlying performance. Each performance period ends on 31 December of the third year.
b
Represents awards of shares made at the end of the relevant performance period based on performance achieved under rules of the plan and includes re-invested dividends on the shares awarded.
c
Dr Grote and Mr Dudley receive awards in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares.
d
Restricted award under share element of EDIP. As reported in the 2007 directors’ remuneration report in February 2008, the committee awarded both Mr Inglis and Mr Conn restricted shares, as set out
above. These one-off awards will vest on the third and fifth anniversary of the award, dependent on the remuneration committee being satisfied as to their personal performance at the date of vesting. Any
unvested tranche will lapse in the event of cessation of employment with the company. Mr Inglis left the company on 31 December 2010 and accordingly his restricted awards lapsed.
e
P
otential maximum of performance shares has been reduced to reflect actual service during performance period on a pro-rated basis.
BP Annual Report and Form 20-F 2010 117