The business of the meeting comprises resolutions that we regularly bring to shareholders.
We are presenting a new remuneration policy to the meeting. The vote on the directors’ remuneration policy is binding on the company, and if the resolution is passed, the new policy will take effect immediately. If the resolution is not passed the policy approved at the 2014 AGM will continue in effect.
We will also be seeking approval for the decisions which we took on remuneration for last year. This vote is not binding.
This will be the last year in which Ernst & Young LLP will be proposed for appointment as auditors. Following a tender process, the board approved the selection of Deloitte LLP as BP’s new auditors for the financial year ending 31 December 2018. A resolution to appoint Deloitte as auditors will be put to shareholders at the 2018 AGM, and in the meantime, detailed handover processes will take place.
We ask for authority each year from you to allot shares in certain circumstances, sometimes without first offering those shares to existing shareholders. The institutional guidelines for these resolutions have changed and as we wish to continue to comply with these and to have the fullest authority available, we now have to put two separate resolutions to you to seek this authority.
The board is recommending shareholders support all 23 resolutions before the meeting.
We regularly review ways to improve communication with you and make it more efficient. For some years now we have been using web communication for the majority of shareholders to invite you to view our corporate materials online.
We have made some changes to the materials we are sending this year. The majority of you now receive your documents electronically, and we are happy to be producing less paper reports. We decided to stop producing a short document containing just the Strategic Report with some additional pages, and to focus instead on the full Annual Report and Form 20-F. We hope that those of you who previously received the shorter report will take this opportunity to sign up for electronic communication.
We have also stopped sending proxy cards to our ordinary shareholders, and expect to do so for our ADS holders next year. You can still request a paper form if you prefer. However, online voting is quicker and more secure than paper voting, and saves BP time and resources in processing the votes. If you have not already done so, I urge you to visit the BP Share Centre at mybpshares.com or adr.com/bp and provide an email address for future communications.
Your votes do matter. Information about how to vote and attend the meeting is given on pages 14-19 of this notice. If you cannot attend the meeting, please vote your shares by appointing a proxy.
I look forward to seeing you at ExCeL.