BP 2015 Annual Report Download - page 95

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.
Intercontinental allowance
Committee chairmanship fee
Committee membership fee
The senior independent director (SID)
Professional fees
Intercontinental allowance
Committee chairmanship fee
Committee membership fee
The senior independent director (SID)
Professional fees
BP Annual Report and Form 20-F 2015 91