|
|
|
|
|
|||||||||||||||||||||||||||
|
Board succession planning | |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| The board is composed of the chairman, eleven non-executive and six executive directors. A number of current directors are approaching the board's
mandatory retirement age for non-executive directors (age 70). To manage the process of board succession without compromising the effectiveness of
the board and its committees, the board has agreed the following timetable of appointments and retirements, subject to directors' continued re-election.
Mr Maljers retires from the board at the 2004 AGM, while Mr Knight and Sir Robin Nicholson will retire at the 2005 AGM. Mr Bryan and Mr Miles will
retire at the 2006 AGM and Mr Wilson at the 2007 AGM. Mr Burgmans joined the board in February 2004 as a non-executive director. An additional
non-executive director is expected to join the board during 2004, with at least one further new non-executive director to be appointed before the 2005 AGM.
Further non-executive directors will be appointed over the coming years. In making appointments as non-executive directors, the opportunity is taken to ensure a broad range of skill-sets, in particular those skills identified following consideration of the board and board committee evaluation processes (see below). The number of directors will therefore increase in the short term. While this will create a large board by UK standards, BP believes that this is necessary to allow not only sufficient executive director representation to cover the breadth of the group's business activity but also sufficient non-executive representation to reflect the scale and complexity of the company and to staff the board committees. A board of this size will also allow necessary succession planning for key roles. |
|
|
|
||||||||||||||||||||||||||||
