BP 2011 Annual Report Download - page 35

Business review: Group overview
BP Annual Report and Form 20-F 2011 33
Our code
The BP code of conduct sets the standard that we all work to. It is aligned with
our values, group standards and legal requirements, and it clarifies the ethics and
compliance expectations for everyone who works at BP. The code was updated
in 2011 and now puts greater emphasis on a values-based approach. Where
rules are not stated explicitly, our everyday business decisions will be guided by
our values.
The values are much more than words – we are actively seeking to embed these
values at the heart of the systems and processes we are introducing to unify
and strengthen our business. We are both enforcing and incentivizing values-led
behaviour. For example, our updated performance and reward system, which
came into effect on 1 January 2012, now creates an explicit link between our
values and the way individuals are judged and rewarded within BP.
Courage
What we do is rarely easy.
Achieving the best outcomes
often requires the courage
to face difficulty, to speak
up and stand by what we
believe. We always strive to
do the right thing. We explore
new ways of thinking and are
unafraid to ask for help. We
are honest with ourselves, and
actively seek feedback from
others. We aim for an enduring
legacy, despite the short-term
priorities of our world.
One Team
Whatever the strength of the
individual, we will accomplish
more together. We put the
team ahead of our personal
success and commit to
building its capability. We trust
each other to deliver on our
respective obligations.
Excellence
We are in a hazardous
business, and are committed
to excellence through the
systematic and disciplined
management of our
operations. We follow and
uphold the rules and standards
we set for our company. We
commit to quality outcomes,
have a thirst to learn, and to
improve. If something is not
right, we correct it.
Respect
We respect the world in
which we operate. It begins
with compliance with laws and
regulations. We hold ourselves
to the highest ethical standards
and behave in ways that earn
the trust of others. We depend
on the relationships we have
and respect each other and
those we work with. We
value diversity of people and
thought. We care about the
consequences of our decisions,
large and small, on those
around us.
Safety
Safety is good business.
Everything we do relies upon
the safety of our workforce
and the communities
around us. We care about
the safe management of
the environment. We are
committed to safely delivering
energy to the world.
Our values
This statement of our values
expresses our aspirations and
intentions for BP, as we work
together to strengthen safety and
risk management, earn back trust
and create value. Our values are
aligned with, and an extension of,
our code of conduct.
In detail
Find out more online.
bp.com/values