BP 2015 Annual Report Download - page 69

Corporate governance
Training and induction
To help develop an understanding of BP’s business, the board continues to
build its knowledge through briefings and field visits. In 2015 the board
received training on ethics and compliance, and the introduction of the new
longer-term viability statement. The board met local management and
external stakeholders at its board meetings in Sunbury and Houston.
NEDs are expected to attend at least one field visit per year. In 2015 the
audit committee visited the cybersecurity centre in Houston and members
of the SEEAC visited BP’s operations in Trinidad, Oman and Rotterdam.
After each visit, the board or appropriate committee was briefed on the
impressions gained by the directors during the visit.
The two new NEDs, Paula Rosput Reynolds and Sir John Sawers followed
a structured induction process. This included one-to-one meetings with
management and the external auditors and also covered the board
committees that they joined.
Director induction programme
Board and governance
BP’s board governance model, directors’ duties, interests and
potential conflicts.
Business introduction
BP’s business.
Upstream (exploration, development, production, overview of
our operations).
Downstream (refining, marketing and lubricants).
Strategy and planning.
BP’s performance relative to its competitors.
Functional input
Finance and tax.
Controls, external auditors and internal audit.
Human resources.
Ethics and compliance.
Safety and operational risk (S&OR), BP’s operating management
system (OMS) and environmental performance.
Research and technology.
Trading.
After completing the induction, the directors are asked for feedback on the
process to help further improve it going forward.
Audit committee visit to cybersecurity centre
During a strategy meeting in Houston, the audit committee and the
chairman visited the cybersecurity centre.
Directors met the cybersecurity leadership team and saw
demonstrations of how the group monitors and defends against attacks,
and considers broader digital security trends.
Shareholder engagement
The company operates an active investor relations programme and the
board receives feedback on shareholder views through results of an
anonymous investor audit and reports from management and those
directors who met with shareholders over the year.
Shareholder engagement cycle 2015
January BP Energy Outlook presentation
February Fourth quarter results
Investor roadshows with the group chief
executive and chief financial officer
March
Engagement on remuneration and governance
issues
Chairman and board committee chairs meeting
UKSA private shareholders’ meeting
SRI roadshow following the launch of
BP Sustainability Report 2014
April
Annual general meeting
First quarter results
BP’s response to lower oil prices launch
June BP Statistical Review of World Energy launch
July
Second quarter results
Investor roadshows with the group chief
executive and chief financial officer
Institutional Investors Group on Climate Change
meeting
August Engagement with UKSA private shareholder
panel on BP’s 2014 financial reports
September Oil and gas sector conferences
October Third-quarter results and medium-term outlook
November
SRI annual meeting
BP Technology Outlook launch
Meetings with investors on remuneration (into
December)
December Medium-Term Outlook launched on bp.com
BP Annual Report and Form 20-F 2015 65
★ Defined on page 256.