BP 2014 Annual Report Download - page 91

Corporate governance
Non-executive directors
Basic fee
 Remuneration is in the form of cash fees, payable monthly. Remuneration practice is consistent with recognized best practice standards for non-
executive directors’ remuneration and as a UK-listed company, the quantum and structure of NED director remuneration will primarily be compared
against best UK practice.
Operation
 The quantum and structure of NEDs’ remuneration is reviewed by the chairman, the group chief executive and the company secretary who make a
recommendation to the board; the NEDs do not vote on their own remuneration.
 Remuneration for non-executive directors is reviewed annually.
Committee fees and allowances
 The NEDs receive an allowance to reflect the global nature of the Company’s business. The allowance is payable for transatlantic or equivalent
intercontinental travel for the purpose of attending a board or committee meeting or site visits.
Operation
 The allowance will be paid in cash following each event of intercontinental travel.
 Those NEDs who chair a committee receive an additional fee. The committee chairmanship fee reflects the additional time and responsibility in
chairing a committee of the board, including the time spent in preparation and liaising with management.
 NEDs receive a fee for each committee on which they sit other than as a chairman. The committee membership fee reflects the time spent in
attending and preparation for a committee of the board.
Operation
 Fees for committee chairmanship and membership are determined annually and paid in cash.
 In the light of the SID’s broader role and responsibilities, the SID is paid a single fee and is entitled to other fees relating to committees whether as
chair or member.
Operation
 The fee for the SID will be determined from time to time, and is paid in cash monthly.
Benefits and expenses
 The NEDs are provided with support and reasonable travelling expenses.
Operation
 NEDs are reimbursed for all reasonable travelling and subsistence expenses (including any relevant tax) incurred in carrying out their duties.
 Fees will be reimbursed in the form of cash, payable following assistance.
Operation
 The reimbursement of professional fees incurred by non-executive directors based outside the UK in connection with advice and assistance on UK
tax compliance matters.
The maximum remuneration for non-executive directors is set in accordance with the Articles of Association.
BP Annual Report and Form 20-F 2014 87
Intercontinental allowance
Committee chairmanship fee
Committee membership fee
The senior independent director (SID)
Professional fees
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