BP 2012 Annual Report Download - page 105

Corporate governance
Corporate governance
BP Annual Report and Form 20-F 2012
103
BP governance framework
Owners/shareholders
Strategy/group risks/annual plan
Group chief executive’s delegations
Nomination
committee
Remuneration
committee
Chairman’s
committee
Gulf of Mexico
committee
SEEAC Audit
committee
(RCM)
Resource
commitments
meeting (GPC)
Group people
committee
(GDC)
Group
disclosure
committee (GFRC)
Group financial
risk committee
(GORC)
Group
operations risk
committee
(GECC)
Group ethics
and compliance
committee
BP board
Group chief executive
Executive management
Monitoring,
information
and assurance
Ernst & Young
Internal audit
Finance function
Safety and
operational risk
function
Group compliance
officer
External market
and reputation
research
Independent adviser
Independent advice
(if requested)
Delegation
Accountability
BP board
governance
principles:
t#P goal
t(overnance process
tDelegation model
tExecutive limitations
Delegation
Accountability
Delegation of authority
through policy with
monitoring
Assurance through
monitoring and
reporting
Looking forward
2012 was a year of progress for BP. Some uncertainties remain, but there
is a clear direction towards 2014 and beyond. We have a strong team
around the board table. We understand the challenges we face. And we
are clear that the company must continue to make good progress on
achieving its three goals, not least sustainable value for our shareholders.
Finally, I would like to take this opportunity to thank my fellow board
members for all that they have done in the year.
Carl-Henric Svanberg
Chairman
International advisory board
In 2009, BP formed an international advisory board (IAB) whose
purpose is to advise the chairman, group chief executive and
the board on geopolitical and strategic issues relating to the
company.
This group has an advisory role and meets twice a year –
although its members are on hand to provide advice and
counsel to the company when needed.
The IAB is chaired by BP’s previous chairman, Peter Sutherland.
Its membership in 2012 included Kofi Annan, Lord Patten of
Barnes, Josh Bolten, President Romano Prodi, Dr Ernesto
Zedillo and Dr Javier Solana.
The chairman and chief executive attend meetings of the IAB.
Issues discussed during the year included events in the Middle
East, the eurozone crisis, Russia and the US presidential
election.