Proxy Season Insider 2013/04/09: BP plc
BP plc | LSE | Meeting Date: 2013/04/11
BP’s 2013 annual meeting marks its third AGM since the Deepwater Horizon accident and Gulf of Mexico Oil spill, where there is still significant uncertainty over the ultimate related costs. The board itself has experienced substantial changes, with more than half of its current members elected in 2010 or later. In the past year BP has continued to experience related repercussions, including a $4.5 billion settlement with the U.S. federal government, guilty pleas on 14 criminal charges, and an ongoing civil trial that began in February 2013 with the potential for additional penalties ranking in the billions. BP’s remuneration report for 2012 has thorough disclosure of performance against bonus targets and current company practices appear to provide a strong alignment between performance and incentive awards. We find it surprising, however, that the company does not disclose any link between litigation, settlements and criminal charges, and executive remuneration.
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