The executive team reviews BP’s strategy with the board on a periodic basis
The executive team worked with the board in 2017 to understand the implications of the transition to a low carbon economy. They reviewed our Energy Outlook, which looks at energy trends over the next two decades, and discussed the strategic direction of the group.
Supported by dedicated committees, our executive team oversees BP's performance in a wide range of areas.
- The group operations risk committee reviews progress on carbon management, safety performance and potential modern slavery risks.
- The group people committee looks at employee issues, including capability, reward and diversity.
- The group ethics and compliance committee reviews breaches against our code of conduct.
Executive pay is linked to performance with safety, reliable operations and financial performance accounting for one-third of executive bonuses – as they do for all employees. Tier 1 process safety events and recordable injury frequency are the two safety performance measures for executive reward.
Progress against our strategic priorities accounts for 20% of the longer-term share awards for our group chief executive and chief financial officer. Many performance measures, including those related to gas, renewables, venturing and renewables trading, contribute to this.
Our executive team in action – some 2017 highlights
Low carbon future
Assessment of BP’s low carbon ambitions
Participated in an exercise to test response to a cyber security incident
Review of BP’s plans to manage potential risks of modern slavery
Focus on gender pay gap reporting and strategy for the way forward
- Visit bp.com/annualreport for more information on governance and remuneration.