BP 2012 Annual Report Download - page 132

Corporate governance
BP Annual Report and Form 20-F 2012
130
2012 total remuneration outcomes
Overview
Summary of remuneration of executive directors in 2012 (audited)
Bob Dudley
thousand
Iain Conn
thousand
Dr Brian Gilvary
thousand
Dr Byron Grote
thousand
Annual remuneration 2012 2011 2012 2011 2012 2011a2012 2011
Salary $1,726 $1,700 £741 £720 £690 n/a $1,464 $1,426
Cash bonusb $837 $850 £374 £396 £366 n/a $710 $713
Other emoluments $110 $66 £39 £35 £13 n/a $15 $15
Total $2,673 $2,616 £1,154 £1,151 £1,069 n/a $2,189 $2,154
Vested equity
Deferred bonus and match $0 $0 £0 £0 £0 n/a $0 $0
Performance sharesc$0 $788 £666d£743 £299dn/a $0 $1,450
Total $0 $788 £666 £743 £299 n/a $0 $1,450
Total remuneration $2,673 $3,404 £1,820 £1,894 £1,368 n/a $2,189 $3,604
Pension
Pension value increasee$7,317 $4,908 £940 £1,209 £2,132 n/a $987 $1,750
Cash in lieu of future accrualfn/a n/a £259 £192 £242 n/a n/a n/a
Total including pension $9,990 $8,312 £3,019 £3,295 £3,742 n/a $3,176 $5,354
Amounts shown are in the currency received by executive directors. Annual bonuses are shown in the year they were earned.
a Dr Brian Gilvary joined the board on 1 January 2012.
b This reflects the amount of total overall bonus paid in cash with the deferred portion as set out in the conditional equity table below.
c Represents vesting 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 vested.
d There was no vesting under the 2010-2012 performance share element. The shares that vested for Iain Conn pertained to a separate restricted award made in 2008 and those for Dr Brian Gilvary to
an award granted prior to joining the board. The market price of ordinary shares on respective vesting dates of 7 February 2013 and 15 January 2013 was £4.58.
e Represents the increase in transfer value calculated for defined benefit plans. Increases for Bob Dudley and Dr Brian Gilvary reflect their promotions as per applicable rules.
f As for all employees affected by UK pension tax limits and who wished to remain within these limits, with effect from April 2011, Iain Conn and Dr Brian Gilvary received a cash supplement of 35% of
basic salary in lieu of future service pension accrual.
Conditional equity – to vest in future years, subject to performance
Bob Dudley Iain Conn Dr Brian Gilvary Dr Byron Grote
Deferred bonus in respect of bonus yeara2012 2011 2012 2011 2012 2011 2012 2011
Mandatory deferral Value (thousand) $837 $850 £374 £396 £366 n/a $710 $713
Voluntary deferral Value (thousand) $837 $850 £374 £396 £366 n/a $710 $713
Total deferral converted to shares Shares 229,380 218,412 161,296 161,304 157,630 n/a 194,556 183,276
Total matching shares Shares 229,380 218,412 161,296 161,304 157,630 n/a 194,556 183,276
Vesting date Feb 2016 Feb 2015 Feb 2016 Feb 2015 Feb 2016 Feb 2015 Feb 2016 Feb 2015
Performance shares 2012-2014 2011-2013 2012-2014 2011-2013 2012-2014 2011-2013 2012-2014 2011-2013
Potential maximum shares 1,343,712 1,330,332 660,633 623,025 624,434 n/a 828,936 785,394
Vesting date Feb 2015 Feb 2014 Feb 2015 Feb 2014 Feb 2015 Feb 2014 Feb 2015 Feb 2014
a The number of deferred shares is calculated using the three-day average share price following the full-year result announcement which was £4.91/share and $46.70/ADS in February 2012 and
£4.64/share and $43.78/ADS in February 2013. Both deferred and matched shares are subject to a safety and environmental hurdle over the three-year deferral period.
Historical TSR performance
2007 2008 2009 2010 2011 2012
BP
FTSE 100
£50
£100
£150
£200
Value of hypothetical £100 holding
This graph shows the growth in value of a hypothetical £100 holding in
BP p.l.c. ordinary shares over five years, relative to the FTSE 100 Index
(of which the company is a constituent). The values of the hypothetical
£100 holdings at the end of the five-year period were £89.60 and
£111.79 respectively.
Non-executive directors in 2012 (audited)
£ thousand
2012 2011
Carl-Henric Svanberg 750 750
Paul Anderson 149 128
Admiral Frank Bowman 126 120
Antony Burgmans 120 100
Cynthia Carroll 98 85
George Davida135 128
Ian Davis 128 160
Professor Dame Ann Dowlingb c 97 –
Brendan Nelson 119 103
Phuthuma Nhleko 123 113
Andrew Shilstond125 –
Director leaving the board in 2012
Sir William Castelle42 168
a In addition, George David received £28,000 for chairing the BP technology advisory council.
b Appointed on 3 February 2012.
c In addition, Professor Dowling received £4,166 for her membership of the BP technology
advisory council.
d Appointed 1 January 2012 and became senior independent director in April 2012.
e Retired from the board in April 2012.
.