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This is an important document and requires Notice of bp your immediate attention Annual General Meeting 2022 Performing while transforming The BP p.l.c. Annual General Meeting will be held electronically via bp’s electronic meeting platform and at ExCeL London, One Western Gateway, Royal Victoria Dock, London E16 1XL, UK. Commencing at: 1pm on Thursday, 12 May 2022. If you are in any doubt about the action you should The registered office of BP p.l.c. is: take, you should consult an independent financial 1 St James’s Square, London SW1Y 4PD, UK. advisor. If you have recently sold or transferred your Tel: +44 (0)20 7496 4000 shares in BP p.l.c. you should forward this document Registered in England and Wales No. 102498 to your bank, stockbroker or other agent through whom the sale or transfer was effected for Find out more online bp.com/agm transmission to the purchaser or transferee.
Contents Participating in the Annual General Meeting Letter from the chair 1 The BP p.l.c. Annual General Meeting (AGM or meeting) will be held Get involved and have your say 2 electronically via bp’s electronic meeting platform and at ExCeL London commencing at 1pm on Thursday, 12 May 2022. Notice of meeting 3-5 Director biographies 6-10 Health notice In light of the ongoing Covid-19 pandemic, the ExCeL London Notes to the resolutions 11-15 currently has in place certain health and safety measures which those attending the AGM in person will be expected to follow. To find out Joining the AGM online more please go to excel.london. Attending the AGM 16 Please refrain from attending the meeting if you are experiencing symptoms of Covid-19 or have recently been in contact with anyone Voting at the AGM 17 who has tested positive. Wearing a face covering is recommended for everyone attending the meeting in person. Asking questions at the AGM 18 Given the current circumstances, shareholders should be aware that arrangements for the AGM may change at short notice. We will give Joining the AGM in person notice of any changes to our arrangements as early as possible before the date of the meeting via our website at bp.com/agm or via a Attending the AGM 19 regulatory announcement. Voting at the AGM 20 See notes on pages 16-20 Asking questions at the AGM 20 for further details on how to attend the meeting Shareholder notes 21-25 How to vote Your votes matter. If you cannot attend the meeting on the day, please vote Other information 26 your shares by appointing a proxy. Appendix 1 – Follow This statement and bp’s response 27-28 You can vote online at bp.com/evoting or mybpshares.com or via CREST by using procedures described in my CREST manual at my.euroclear.com or Contact details 29 proxymity.io. See further information on pages 21-25 to understand which voting process is applicable to you Information for online audience Information for in-person audience
Letter from the chair Dear fellow shareholder, I am pleased to invite you to the 2022 AGM of BP p.l.c. (bp or the company) to be held at 1pm British Summer Time (BST) on Thursday, 12 May 2022. Welcoming you to the meeting This year, we are offering shareholders a choice of either joining our AGM online or, if they choose to do so, in person. Due to the impact of Covid-19 over the past two years, we have been unable to hold in-person AGMs. But our experience in modernizing the traditional format for these events has been very positive and shareholders have been able to take part in these meetings remotely, to ask questions and to vote during the meeting. Importantly, we have found that virtual participation at these events enables access to a wider spectrum of our owners than is possible through an exclusively in-person event. Because of these benefits that our shareholders have been able to experience, this year, we have made further improvements to our digital AGM platform. We hope that shareholders will take up the opportunity to join the meeting in this way and look forward to seeing even more of you online. The business of the meeting The various resolutions to be proposed at the AGM are set out in this notice Guidance on how to appoint a proxy and information on corporate together with explanations in each case. representatives and voting can be found on pages 24-25 of this notice. The board believes that resolutions 1 to 23 are in the best interests of the The board will be available at the AGM to answer questions from company and its shareholders and are unanimous in recommending that shareholders, with some joining us via live video link. You are welcome to you vote in favour of each of them, as we intend to do as fellow submit questions in advance of the meeting, by telephone or via the digital shareholders. platform during the meeting itself. Among the ordinary business items for the AGM, you will see two particular Voting results resolutions that I would like to briefly comment on: The voting results will be announced through a regulatory information service and will be published on our website at bp.com/agm as soon 1. “Net Zero – from ambition to action” report – this year, the board is as possible following the AGM. submitting a non-binding advisory vote to shareholders on bp’s net zero ambition. This resolution appears in the notice as resolution 3 and seeks On behalf of your board, I would like to thank you for your continued support to secure support for our ambition and the pathway which has been set and look forward to welcoming you to our AGM. for its delivery. This resolution is supported by the board which considers it to be in the best interests of its shareholders. Helge Lund Chair 2. Requisitioned resolution – as was the case last year, a group of 18 March 2022 shareholders coordinated by Follow This has proposed a resolution which appears in this notice as resolution 24, together with a supporting statement on page 27. Please scan the QR code below or visit bp.com/agm to find out The board does not support this resolution as it does not consider it to be more information on the AGM or to access the “Net Zero – from in the best interests of the company and its shareholders as a whole. ambition to action” report. A statement from the board in response to resolution 24, encouraging shareholders to vote against it – as was the case in 2019 and again in 2021 – is set out on page 28 with a recommendation from the directors that shareholders vote against resolution 24. Voting and asking questions However you decide to join the AGM this year, we value your vote and we encourage you to take this opportunity to provide us with your views on the actions bp is taking in the delivery of our strategy. You can vote in a number of ways. Those attending online will be able to cast their ballot via the digital AGM platform. For those of you attending in person, you will be able to use an electronic voting handset. If you would like to vote in advance of the meeting, please do so – you can submit a proxy vote. For those of you who are participants in a bp employee share plan, please refer to the notice of meeting and our internal messaging on how to vote. Notice of bp Annual General Meeting 2022 1
Get involved and have your say Joining the AGM Voting before the AGM 1: Electronically All shareholders are encouraged to vote. There are several ways to submit your voting instructions in Shareholders are encouraged to participate advance of the meeting: in the AGM electronically via bp’s electronic meeting platform. 1: at bp’s Share Centre website at mybpshares.com or bp.com/evoting A step-by-step guide on how to join the meeting via bp’s electronic meeting platform, including how to submit your votes and questions can be found on 2: by completing and returning a paper proxy form (enclosed with this notice if you have pages 16-18. You can log on and submit any elected for hard copy documents, or questions you might have in advance of the meeting, otherwise available from the bp Registrar, so that your views are heard even if you are unable to Link Group, on request) participate in the meeting. More information on the deadline for submitting your questions in advance of the AGM can be found on page 21. 3: via CREST by using procedures described in my CREST manual at my.euroclear.com 2: In person Alternatively, you may attend the meeting in person at ExCeL London, One Western Gateway, Royal 4: via Proxymity at proxymity.io For points 1-4 see notes on pages 24-25. Victoria Dock, London E16 1XL. A step-by-step guide on how to attend the AGM in person can be found Options 1, 2, 3 and 4 above should be registered by on page 19-20. no later than 1pm BST on Tuesday, 10 May 2022. After then, you will no longer be able to submit your proxy vote via bp’s Share Centre website, or via the Viewing the AGM CREST or Proxymity platforms. If you are an employee share plan participant you can instruct the 1: Broadcast plan/account trustee(s)/nominee(s) to vote on your behalf at the AGM for any shares which have voting Shareholders who wish to simply follow (and not rights as per the applicable plan rules. You can submit participate in) the AGM via the webcast should go your instruction to the trustee(s)/nominees(s) via your to bp.com/agm/webcast and follow the online EquatePlus account. This can be accessed using the instructions. Shareholders should note that the link to EquatePlus on the bp intranet at people@bp webcast is not interactive. If you wish to participate or by logging in to equateplus.com. Instructions must in or vote at the meeting you should join the meeting be received via EquatePlus for onward transmission electronically via bp’s electronic meeting platform, or to the trustee(s)/nominee(s) by 5pm BST on in person, rather than following the broadcast. If you Wednesday, 4 May 2022. This time and date is cannot attend the meeting please appoint a proxy on subject to the trustee(s)/nominees(s) confirmation your behalf so that their vote is counted. upon receipt of this notice of meeting. Please refer to EquatePlus for the latest information and timing on submitting your instructions. Our website, bp.com, is the principal means we use to communicate with our shareholders. Voting at the AGM copy of our Annual Report, which A Shareholders participating in the meeting includes our Strategic Report electronically via bp’s electronic meeting platform will ll the latest news, press releases A be able to vote once the chair of the AGM formally and investor presentations opens the poll at the meeting. A list of all resolutions and voting choices will appear on your device. See detailed account of our approach A more information on page 17. to corporate governance Shareholders attending the meeting in person will be able to vote with the electronic voting handset received as you enter the auditorium. See more information on page 20. 2 Notice of bp Annual General Meeting 2022
Notice of meeting Notice of meeting and resolutions to be proposed Notice is hereby given that the 113th Annual General Meeting of BP p.l.c. (bp or the company) will be held electronically via bp’s electronic meeting platform and at the ExCeL London, One Western Gateway, Royal Victoria Dock, London E16 1XL, UK commencing at 1pm (BST) on Thursday, 12 May 2022, for the transaction of the following business. The board considers resolutions 1 to 23 to be in the best interests of the company and its shareholders as a whole and recommends that you vote FOR these resolutions. The board does not consider resolution 24 to be in the best interests of the company and its shareholders as a whole and recommends that you vote AGAINST this resolution. Resolution 1 Resolution 8 Report and accounts To re-elect Miss P Daley To receive the Annual Report and Accounts for the year ended 31 December 2021. See biography on page 8 and notes on page 12 See notes on page 11 Resolution 9 Resolution 2 To re-elect Mrs M B Meyer Directors’ remuneration report See biography on page 8 and notes on page 12 To approve the directors’ remuneration report contained on pages 116-141 of the Annual Report and Accounts for the year ended 31 December 2021. Resolution 10 See notes on page 11 To re-elect Sir J Sawers See biography on page 9 and notes on page 12 Resolution 3 “Net Zero – from ambition to action” report Resolution 11 That the report*, “Net Zero – from ambition to action”, is supported. To re-elect Mr T Morzaria * dated 18 March 2022 and available on bp.com/agm See biography on page 9 and notes on page 12 See notes on pages 11-12 including the board’s recommendation to vote FOR this resolution. Resolution 12 Resolution 4 To re-elect Mrs K Richardson To re-elect Mr H Lund See biography on page 10 and notes on page 12 See biography on page 6 and notes on page 12 Resolution 13 Resolution 5 To re-elect Dr J Teyssen To re-elect Mr B Looney See biography on page 10 and notes on page 12 See biography on page 6 and notes on page 12 Resolution 14 Resolution 6 Reappointment of auditor To reappoint Deloitte LLP as auditor from the conclusion of the meeting until To re-elect Mr M Auchincloss the conclusion of the next annual general meeting before which accounts are laid. See biography on page 7 and notes on page 12 See notes on page 12 Resolution 7 To re-elect Mrs P R Reynolds See biography on page 7 and notes on page 12 Notice of bp Annual General Meeting 2022 3
Notice of meeting Continued Resolution 15 Resolution 19 Remuneration of auditor Directors’ authority to allot shares (section 551) To authorize the audit committee to fix the auditor’s remuneration. To authorize the directors, in accordance with section 551 of the Companies Act 2006, to exercise all the powers of the company to allot shares in the See notes on page 12 company and to grant rights to subscribe for, or to convert any security into, shares in the company: Resolution 16 a. up to an aggregate nominal amount of $1,622,818,843; and Renewal of the BP ShareMatch UK Plan 2001 b. up to a further aggregate nominal amount of $1,622,818,843 provided To approve the renewal of the rules of the BP ShareMatch UK Plan 2001 that (i) they are equity securities (within the meaning of section 560(1) (ShareMatch UK) (as amended), the principal features of which are of the Companies Act 2006) and (ii) they are offered by way of a rights summarized in the notes on pages 12-13, a copy of which is produced issue to holders of ordinary shares on the register of members at such in draft at this meeting and for the purposes of identification initialled by record date as the directors may determine where the equity securities the chair, and further to authorize the directors to: respectively attributable to the interests of the ordinary shareholders are proportionate (as nearly as may be practicable) to the respective a. do all things as they consider necessary and expedient to continue numbers of ordinary shares held by them on any such record date and to operate ShareMatch UK. to other holders of equity securities entitled to participate therein, subject to such exclusions or other arrangements as the directors may See notes on page 12 and 13 deem necessary or expedient to deal with treasury shares, fractional entitlements or legal or practical problems arising under the laws of any Resolution 17 overseas territory or the requirements of any regulatory body or stock exchange or by virtue of shares being represented by depositary receipts Renewal of the BP Sharesave UK Plan 2001 or any other matter. To approve the renewal of the BP Sharesave UK Plan 2001 (Sharesave UK) (as amended), the principal features of which are summarized in the notes This authority shall continue for the period ending on the date of the annual on pages 12-13, a copy of which is produced in draft at this meeting and for general meeting in 2023 or 12 August 2023, whichever is the earlier, the purposes of identification initialled by the chair, and further to authorize provided that the directors shall be entitled to make offers or agreements the directors to: before the expiry of such authority which would or might require shares to be allotted or such rights to be granted after such expiry and the company a. do all things as they consider necessary and expedient to continue may allot shares and grant rights pursuant to any such offer or agreement to operate Sharesave UK; and as if this authority had not expired. b. establish or maintain such further plans for the benefit of employees based on Sharesave UK subject to such modifications as may be See notes on page 14 necessary or desirable to take account of security laws, exchange control and tax legislation in any country outside of the UK, provided that any Resolution 20 shares made available under Sharesave UK are treated as counting against any limits on individual participation in such further plans and any Authority for disapplication of pre‑emption rights new shares made available under such further plans are treated as (section 561) counting against any limits on overall participation in Sharesave UK. If resolution 19 is passed, to authorize the directors, pursuant to section 570 and section 573 of the Companies Act 2006, to allot equity securities See notes on pages 12 and 13 (within the meaning of section 560 of that Act) for cash pursuant to the authority conferred by resolution 19 and by way of a sale of treasury shares Resolution 18 as if section 561(1) of that Act did not apply to any such allotment, provided that this power shall be limited to: Political donations and political expenditure a. the allotment of equity securities or sale of treasury shares in connection To authorize, for the purposes of Part 14 of the Companies Act 2006, the with an offer of securities in favour of the holders of ordinary shares on company and all companies which are, at any time during the period for the register of members at such record date as the directors may which this resolution has effect, subsidiaries of the company: determine, and to other persons entitled to participate therein, where the a. to make political donations to political parties or independent electoral equity securities respectively attributable to the interests of the ordinary candidates, not exceeding £100,000 in total; shareholders are proportionate (as nearly as may be practicable) to the b. to make political donations to political organizations other than political respective numbers of ordinary shares held by them on any such record parties, not exceeding £100,000 in total; and date, subject to such exclusions or other arrangements as the directors c. to incur political expenditure, not exceeding £100,000 in total. may deem necessary or expedient to deal with treasury shares, fractional entitlements or legal or practical problems arising under the In each case, as such terms are defined in Part 14 of the Companies Act laws of any overseas territory or the requirements of any regulatory body 2006. This authority shall continue for the period ending on the date of the or stock exchange or by virtue of ordinary shares being represented by annual general meeting to be held in 2023. depositary receipts or any other matter; and b. the allotment of equity securities or sale of treasury shares (otherwise See notes on page 14 than pursuant to sub-paragraph a. of this resolution 20) to any person or persons up to an aggregate nominal amount of $243,422,826. 4 Notice of bp Annual General Meeting 2022
This authority shall continue for the same period as the authority conferred In exercising this authority, the company may purchase shares using any by resolution 19, provided that the company shall be entitled to make offers currency, including pounds sterling, US dollars and euros. or agreements before the expiry of such authority which would or might This authority shall continue for the period ending on the date of the annual require equity securities to be allotted after such expiry and the directors general meeting in 2023 or 12 August 2023, whichever is the earlier, may allot equity securities pursuant to any such offer or agreement as if this provided that, if the company has agreed before this date to purchase authority had not expired. ordinary shares where these purchases will or may be executed after the See notes on pages 14 and 15 authority terminates (either wholly or in part), the company may complete such purchases. Resolution 21 See notes on page 15 Additional authority for disapplication of pre-emption rights (section 561) Resolution 23 If resolution 19 is passed, and in addition to the power conferred by Notice of general meetings resolution 20, to authorize the directors pursuant to section 570 and section To authorize the calling of general meetings of the company (not being an 573 of the Companies Act 2006, to allot equity securities (within annual general meeting) by notice of at least 14 clear days. the meaning of section 560 of that Act) for cash pursuant to the authority conferred by resolution 19 and by way of a sale of treasury shares as if See notes on page 15 section 561(1) of that Act did not apply to any such allotment provided that this power shall: Resolution 24 a. be limited to the allotment of equity securities or sale of treasury shares to any person or persons up to an aggregate nominal amount of Follow This shareholder resolution on climate change targets $243,422,826; and The following resolution has been requisitioned by a group of b. only be used for the purposes of financing (or refinancing, if the shareholders coordinated by Follow This. This resolution is not authority is to be used within six months after the original transaction) supported by the board. It reads as follows: a transaction which the directors determine to be an acquisition or “Shareholders support the company to set and publish targets that are other capital investment of a kind contemplated by the 2015 Statement consistent with the goal of the Paris Climate Agreement: to limit global of Principles on disapplying pre-emption rights published by the warming to well below 2°C above pre-industrial levels and to pursue efforts Pre-Emption Group. to limit the temperature increase to 1.5°C. This authority shall continue for the same period as the authority conferred These quantitative targets should cover the short-, medium-, and long-term by resolution 19, provided that the company shall be entitled to make offers greenhouse gas (GHG) emissions of the company’s operations and the use or agreements before the expiry of such authority which would or might of its energy products (Scope 1, 2, and 3). require equity securities to be allotted after such expiry and the directors may allot equity securities pursuant to any such offer or agreement as if Shareholders request that the company report on the strategy and this authority had not expired. underlying policies for reaching these targets and on the progress made, at least on an annual basis, at reasonable cost and omitting proprietary See notes on pages 14 and 15 information. Resolution 22 You have our support.” The board recommends to vote AGAINST this resolution. Share buyback To authorize the company generally and unconditionally to make market See notes on page 15 and Appendix 1 on pages 27-28 which purchases (as defined in section 693(4) of the Companies Act 2006) includes a statement setting out the board’s response to this of ordinary shares with nominal value of $0.25 each in the company, resolution provided that: Notes: Resolutions 1 to 19 inclusive will be proposed as ordinary a. the company does not purchase under this authority more than resolutions. For each of those resolutions to be passed, more than 1,947,382,612 ordinary shares; 50% of the votes cast must be in favour of the resolution. b. the company does not pay less than $0.25 for each ordinary share; and Resolutions 20 to 24 inclusive will be proposed as special resolutions. c. the company does not pay more for each ordinary share than the For each of those resolutions to be passed, at least 75% of the votes higher of: cast must be in favour of the resolution. (i) 5% over the average of the middle market price of the ordinary shares for the five business days immediately preceding the date on By order of the board. which the company agrees to buy the shares concerned, based on Ben J. S. Mathews share prices and currency exchange rates published in the Daily Company secretary Official List of the London Stock Exchange; and 18 March 2022 (ii) the higher of the price of the last independent trade and the highest current independent bid for an ordinary share on the trading venues where the market purchases made under this authority will be carried out. Notice of bp Annual General Meeting 2022 5
Director biographies Resolution 4 Career summary Helge Lund was appointed chair of the bp board on 1 January 2019. He served as chief executive of BG Group from 2015 to 2016, when it merged with Shell. He joined BG Group from Equinor (formerly Statoil) where he served as its president and chief executive officer for 10 years from 2004. Prior to Equinor, Helge was president and chief executive officer of the industrial conglomerate Aker Kvaerner, and has also held executive positions in the Norwegian industrial holding company, Aker RGI, and the former Norwegian power and industry company, Hafslund Nycomed. He worked as a consultant with McKinsey & Company and served as a political advisor for the parliamentary group of the Conservative party in Norway. Prior to joining bp, he was a non-executive director of the oil service group Schlumberger from 2016 to 2018, and Nokia from 2011 to 2014. He served as a member of the United Nations Secretary-General’s Advisory Group on Sustainable Energy from 2011 to 2014. P Contributions and reasons for re-election Helge Lund Helge has an impressive track record of purpose-driven leadership in the energy industry. He works Chair closely with Bernard and the leadership team to drive execution of our new strategy, particularly with Appointed his knowledge and understanding of climate-related risk. Helge’s leadership of the board continues to be valued in pursuit of bp’s purpose and oversight of the execution of its strategy. As chair of the Board: 26 July 2018; chair: 1 January 2019 people and governance committee, Helge is dedicated to encouraging diversity of thought at the board Nationality and throughout the company. Helge led the development of bp’s new governance framework, ensuring its alignment with the new strategy. Norwegian Outside interests • Chair of Novo Nordisk AS • Operating advisor to Clayton Dubilier & Rice • Member of the Board of Trustees of the International Crisis Group • Member of the European Round Table for Industry • Mentor at Chair Mentors International Resolution 5 Career summary Bernard Looney was appointed chief executive officer in February 2020. He previously ran bp’s Upstream business from April 2016 and has been a member of the company’s executive management team since November 2010. As chief executive, Upstream, Bernard was responsible for bp’s oil and gas exploration, development and production activities worldwide. In this role, Bernard oversaw improvements in both process and personal safety performances, and production grew by 20%. He led access into new countries, high-graded the portfolio and created innovative new business models. In earlier Upstream executive roles, he was responsible for all bp-operated oil and gas production worldwide and for all bp’s drilling and major project activity. Bernard joined bp in 1991 as a drilling engineer and worked in operational roles in the North Sea, Vietnam and the Gulf of Mexico. Bernard Looney Contributions and reasons for re-election Chief executive officer Since his appointment as chief executive officer of bp in 2020, Bernard has set out the company’s purpose, aims and ambition as part of the new strategy and is guiding the company through its Appointed transformation to becoming an Integrated Energy company. His dedication and commitment to bp and 5 February 2020 its people is unrivalled and he is passionate about making bp an energy company with purpose; one that is trusted by society, valued by shareholders and motivating for everyone who works at bp. Nationality Irish Outside interests • Fellow of the Royal Academy of Engineering • Fellow of the Energy Institute • Mentor for the FTSE 100 Cross-Company Mentoring Executive Programme Committee membership key Committee chair A Audit committee S Safety and sustainability committee R Remuneration committee P People and governance committee 6 Notice of bp Annual General Meeting 2022
Resolution 6 Career summary Murray Auchincloss qualified as a chartered financial analyst in the US, leading on to a wide range of tax and financial roles, first for Amoco and then for bp after the two organizations merged in 1998. Murray has worked in both the US and UK, in a range of roles including chief financial officer, Upstream, and chief financial officer, North Sea. He held responsibility for the company’s North American Gas business and, as head of the chief executive’s office for three years, managed all aspects of that office and the executive process. As chief financial officer, Murray heads up finance, tax, treasury, planning and performance management, mergers and acquisitions, investor relations, audit, global business services, and procurement. Murray is currently a member of the board of directors for Aker BP ASA, Norway, Murray Auchincloss and a member of the 100 Group Main Committee. Chief financial officer Contributions and reasons for re-election Appointed Murray’s financial expertise, experience and knowledge make him a trusted advisor and leader. He is 1 July 2020 driving the modernization agenda for bp’s financial teams, controlling costs and delivering financial accuracy to investors and markets. He now leads the organization as a seasoned CFO, fully meeting Nationality the challenges which the role entails. Canadian Outside interests • Board member of Aker BP ASA • Member of The 100 Group Main Committee Resolution 7 Career summary Paula Rosput Reynolds started her energy career at Pacific Gas & Electric Corp in 1979 and spent over 25 years in the energy industry. She has held a number of executive positions during her career, including CEO of Duke Energy Power Services; chair, president and CEO of AGL Resources; chair and CEO of Safeco Corporation; and vice chair and chief restructuring officer of AIG. Paula was previously a non-executive director of TransCanada Corporation, CBRE Group, Inc, BAE Systems PLC, Anadarko Petroleum, Delta Air Lines and Coca Cola Enterprises. Paula was awarded the National Association of Corporate Directors (US) Lifetime Achievement Award in 2014. She was appointed chair of National Grid plc in 2021. Contributions and reasons for re-election R A P Paula’s roles as chair of the remuneration committee and senior independent director enable her to build strong engagement channels with investors, and obtain an understanding of their views. Her long Paula Rosput Reynolds career leading global companies in the energy and financial sectors, coupled with her experience with Senior independent director several restructuring processes and mergers, gives her insight into strategic and regulatory issues Appointed which is a major asset to the board. Board: 14 May 2015; senior independent director: 27 May 2020 Nationality American Outside interests • Director and chair of National Grid plc. • Non-executive director of General Electric Company • Chair of the Seattle Cancer Care Alliance Notice of bp Annual General Meeting 2022 7
Director biographies Continued Resolution 8 Career summary Pamela Daley joined General Electric Company (GE) in 1989 as tax counsel and held a number of senior executive roles in the company, including senior vice president of business development from 2004 to 2013 overseeing a wide range of corporate transactions, and serving as senior vice president and senior advisor to the chair in 2013, before retiring from GE at the end of 2013. Pamela has served as a director of BlackRock since 2014 and of SecureWorks since 2016. She was a director of BG Group plc from 2014 to 2016 until its acquisition by Shell. She was a director of Patheon N.V. from 2016 to 2017 until its acquisition by Thermo Fisher. Prior to joining GE, she was a partner at Morgan, Lewis & Bockius, a major US law firm, where she specialized in domestic and cross-border tax-oriented financings and commercial transactions. Contributions and reasons for re-election A R Pamela has significant global business experience obtained through her executive role at GE. She has Pamela Daley relevant experience from the oil and gas industry which has given her further valued insight into that Independent non-executive director sector. Pamela brings recent and relevant financial experience and expertise to the audit committee, Appointed of which she is a member. She is also a member of the remuneration committee, where her understanding of employee and investor points of view provides important input. 26 July 2018 Nationality American Outside interests • Director of BlackRock, Inc. • Director of SecureWorks, Inc. Resolution 9 Career summary Melody Meyer retired as president of Chevron Asia Pacific E&P in 2016 after 37 years of distinguished service in key leadership roles in global exploration and production across many operational assignments, projects and technology. Melody is an advocate for the advancement of women in energy as the prior executive sponsor of the Chevron Women’s Network, a member of the advisory board for McKinsey Advancing Women in Energy and through other venues. Melody is a C200 member and has received recognition throughout her career as a 2009 Trinity ‘Distinguished Alumni’, by BioHouston with a ‘Women in Science Award’, by Hart Energy as an ‘Influential Woman in Energy’ in 2018, by Women Inc. as one of 2018’s ‘Most Influential Corporate Board Directors’, by 50/50 Women on Boards as an ‘Outstanding Director’ in 2020, and by Transition Economist TE100 as one of the ‘Women of the Energy Transition’ in 2021. S R Contributions and reasons for re-election Melody Meyer Melody has spent her entire career in the oil and gas industry. The breadth, variety and geographic Independent non-executive director scope of her experience in line leadership is distinctive. Her career has been marked by a focus Appointed on excellence, safety and performance improvement. She has expertise in the execution of major capital projects, creation of businesses in new countries, strategic and business planning, merger 17 May 2017 integration, leading change, and safe and reliable operations. Melody’s background and her acquired Nationality knowledge and experience of climate-related risks are integral to her role as chair of the safety and sustainability committee. American Outside interests • Non-executive director of AbbVie Inc. • Non-executive director of NOV, Inc. • Non-executive director of Energy Internet Corporation Committee membership key • President of Melody Meyer Energy LLC Committee chair • Director of the National Bureau of A Audit committee Asian Research S Safety and sustainability committee • Trustee of Trinity University R Remuneration committee P People and governance committee 8 Notice of bp Annual General Meeting 2022
Resolution 10 Career summary Sir John Sawers spent 36 years in public service in the UK, working on foreign policy, international security and intelligence. He was chief of the Secret Intelligence Service, MI6, from 2009 to 2014 and prior to that spent the bulk of his career in the Diplomatic Service, representing the British government around the world and leading negotiations at the UN, in the European Union and in the G8. After he left public service, Sir John was chair and general partner of Macro Advisory Partners, a firm that advises clients on the intersection of policy, politics and markets, from February 2015 to May 2019. He then set up his own firm, Newbridge Advisory, to carry out similar work. Sir John was appointed Knight Grand Cross of the Order of St Michael and St George in the 2015 New Year Honours for services to national security. Contributions and reasons for re-election S P Sir John’s deep experience of international political and commercial matters is an asset to the board Sir John Sawers in navigating the geopolitical issues faced by a modern global company. Sir John brings a unique Independent non-executive director perspective and broad experience; his knowledge and skills gained in government, diplomacy and Appointed policy analysis and advice are invaluable to both the board and the safety and sustainability committee. 14 May 2015 Nationality British Outside interests • Visiting professor at King’s College London • Senior adviser at Chatham House • Senior fellow at the Royal United Services Institute • Global adviser at the Council on Foreign Relations • Governor of the Ditchley Foundation • Director of the Bilderberg Association, UK • Executive chair of Newbridge Advisory Limited Resolution 11 Career summary Tushar Morzaria is a chartered accountant with over 25 years of strategic financial management, investment banking, operational and regulatory relations experience. He will step down from his current role as group finance director and member of the board of Barclays plc, the British universal banking and financial services company, in April 2022. Prior to joining Barclays in 2013, Tushar held various senior roles at JP Morgan including the CFO of its Corporate & Investment Bank at the time of the merger of the investment bank and the wholesale treasury/security services business. Tushar will be joining the board of Legal & General Group plc as a non-executive director in May 2022. Contributions and reasons for re-election A R Tushar brings a wealth of strong financial services expertise to bp, as well as experience in delivering Tushar Morzaria corporate change programmes while maintaining a focus on performance. Tushar is an important Independent non-executive director addition to the audit committee as bp navigates the next phase of its reinvention. Appointed 1 September 2020 Nationality British Outside interests • Group finance director of Barclays plc • Member of The 100 Group Main Committee • Chair of the Sterling Risk-Free Reference Rates Working Group Notice of bp Annual General Meeting 2022 9
Director biographies Continued Resolution 12 Career summary Karen Richardson was vice president of Sales at Netscape Communications Corporation from 1995 to 1998 before embarking on several senior executive roles at E.piphany from 1998 to 2003 and was chief executive officer between 2003 and 2006. In 2011 she became a non-executive director of BT plc where she served for seven years and between 2016 and 2019 Karen was a director of Worldpay Inc. (Worldpay Group plc). Karen is currently chair at Origin Materials and a director of Doma Holdings. She has also been director of Exponent Inc., the engineering and scientific consulting company, since 2013. Karen has a Bachelor of Science degree in Industrial Engineering from Stanford University and was awarded distinctions from the Stanford Industrial Engineering Department and the American Institute of Industrial Engineers. A Contributions and reasons for re-election Karen Richardson Independent non-executive director Karen’s 30 years’ experience in the technology industry means that she brings exceptional knowledge of digital, technology, cyber and IT security matters from working with innovative companies in Appointed Silicon Valley. Karen is considered to have the necessary skills and experience to help drive strong 1 January 2021 performance, in particular across the growth businesses of Convenience & Mobility and Gas & Low Carbon Energy. In order to ensure that she is able to commit appropriate time to her role at bp, Nationality including chairing the Innovation Advisory Council, Karen is currently undertaking a review of her American other external roles. Outside interests • Partner at Artius Capital Partners • Director of Exponent Inc. • Chair of Origin Materials Inc. • Director of Doma Holdings, Inc. Resolution 13 Career summary Johannes began his professional career at VEBA AG in 1989. There he held a number of leadership positions across Legal Affairs and Key Account Sales. In 2000 VEBA became part of E.ON and in 2001 Johannes became a member of the Board of Management of the E.ON Group’s central management company in Munich. In 2004, he was also appointed to the Board of Management of E.ON SE in Düsseldorf and later went on to become vice chair in 2008 and CEO in 2010. He was president of Eurelectric from 2013 to 2015 and the World Energy Council’s vice chair responsible for Europe between 2006 to 2012. Johannes was a member of the Supervisory Board of Deutsche Bank AG between 2008 and 2018. He is a senior advisor to Kohlberg Kravis Roberts (KKR) for their European infrastructure and impact interests and was recently appointed as President of Alpiq Holding Ltd, a leading Swiss energy company (power generator and trader). S Contributions and reasons for re-election Dr Johannes Teyssen Independent non-executive director Johannes brings exceptional experience and deep knowledge in the energy sector and its continuing transformation. His skill set, including the knowledge and experience he has acquired of climate- Appointed related risk, further diversifies and strengthens the overall demographic and attributes of the board 1 January 2021 as a whole. His experience enhances the board’s oversight of the delivery of bp’s new strategy. His operational experience makes him an important addition to bp’s safety and sustainability committee. Nationality German Outside interests • Senior advisor to Kohlberg Kravis Roberts • President of Alpiq Holdings Ltd Committee membership key Committee chair A Audit committee S Safety and sustainability committee R Remuneration committee P People and governance committee 10 Notice of bp Annual General Meeting 2022
Notes to the resolutions Notes to resolution 1 Notes to resolution 3 Report and accounts “Net Zero – from ambition to action” report The board of directors present their report and the accounts for the year ended 31 December 2021. Please visit bp.com/agm to access the “Net Zero – from ambition to action” report. Please visit bp.com/annualreport to access the bp Annual Report and Form 20-F 2021. The board considers that resolution 3 is in the best interests of the company and its shareholders as a whole and RECOMMENDS Notes to resolution 2 THAT YOU VOTE FOR RESOLUTION 3. Directors’ remuneration report In 2020 we set out a new direction for bp – comprising a new purpose, a The directors’ remuneration report, which can be found on pages 116-141 of new ambition, a new strategy, a new financial frame, a new sustainability the bp Annual Report and Form 20-F 2021 (bp.com/remuneration) gives frame and a new leadership team. details of the directors’ remuneration for the year ended 31 December 2021. Two years on from its launch, and following our decision in February 2022 to The report includes a statement from the committee chair, the components accelerate our aims, the board has decided to offer shareholders an advisory of the executive directors’ remuneration and the non-executive directors’ vote on our net zero ambition. fees, all in accordance with the remuneration policy that was approved by shareholders at the 2020 AGM. The board’s decision is not intended in any way to undermine your board’s accountablility for setting the company’s strategy, recognising our A summary of the main elements of the remuneration policy can be found responsibilities, as directors to you. This non-binding, advisory resolution on pages 137-141 of the bp Annual Report and Form 20-F 2021. This does not in any way limit that continuing accountability. summary does not form part of the directors’ remuneration report for the purposes of resolution 2. Nonetheless, your support of our net zero ambition report enables your board to maintain our focus on the safe, efficient and disciplined delivery of The remuneration policy must be put to shareholders at least once every the plans we have set out, and for shareholders to have the opportunity to three years and will next be considered by shareholders no later than the benefit from that success – performing whilst transforming. AGM to be held in 2023. Fundamentally, we believe that our strategy is clear – to deliver our ambition The company’s auditor, Deloitte LLP, has audited those parts of the and grow long term value for our shareholders and other stakeholders directors’ remuneration report which are required to be audited and their through the energy transition. We remain focused on the disciplined report may be found in the bp Annual Report and Form 20-F 2021 (bp.com/ application of our financial frame, including our capital investment annualreport). The directors’ remuneration report has been approved by the framework which we believe to be consistent with the Paris goals. board and signed on its behalf by the company secretary. “Net Zero – from ambition to action”describes our ambition The vote on the directors’ remuneration report is advisory in nature and in more detail, including: therefore not binding on the company. • Aiming for net zero across operations (Scope 1 and 2), production Please visit bp.com/remuneration to access the full directors’ (scope 3) and sales (full value chain) remuneration policy. • Short-, medium- and long-term targets and aims for emissions reductions, on an absolute or intensity basis • Actions to deliver the 2025 targets and 2030 aims, along with our progress since 2019 • Contributing to the global push to meet the Paris goals, including the pursuit of efforts to limit temperature rise to 1.5°C • An accelerated ambition which is informed by Paris-consistent energy outlook scenarios • A focus on methane intensity reduction, based on a measurement methodology • A commitment to publish the results of resilience testing consistent with the TCFD Recommendations and using a catalogue of scenarios created by the World Business Council for Sustainable Development on behalf of TCFD • Remuneration linked in part to emissions reductions • Support for a just transition – including the development of new skills for the future energy system This resolution forms part of our ongoing commitment to transparency and shareholder engagement. We are grateful for the continued engagement, challenge and support from our investors, including CA100+. The board and management have demonstrated that, where they believe it is in the interests of our shareholders to do so while having regard to our other stakeholders, they are prepared to take action, most recently updating and accelerating two of our aims as we monitor the pace of the energy transition and the opportunities it creates. Notice of bp Annual General Meeting 2022 11
Notes to the resolutions Continued We recognize that shareholder and other stakeholder expectations will Effectiveness continue to evolve. We intend to monitor these developments and to offer a The committee held meetings with the external auditor during the year further shareholder vote if we believe it is in the company’s interests to do without management present and the committee chair met separately so – potentially in 2025, since that is when our current targets extend to. In with the external auditor and bp’s senior vice president of internal audit the meantime, we intend to continue to disclose our progress in our annual at least quarterly. report and sustainability report. The effectiveness of the external auditor is evaluated by the audit The intent of this resolution is to provide you, as the company’s committee. The committee assessed Deloitte LLP’s approach to providing shareholders, with an opportunity to express your view on the destination audit services as it undertook this year’s audit. On the basis of such we have set and the path we are charting towards it. assessment, the committee concluded that the audit team was providing We ask for your support. the required quality in relation to the provision of the services. The audit team had shown the necessary commitment and ability to provide the The board considers resolution 3 to be in the best interests of the company services together with a demonstrable depth of knowledge, robustness, and its shareholders as a whole and RECOMMENDS THAT YOU VOTE independence and objectivity as well as an appreciation of complex issues. FOR RESOLUTION 3. The team had posed constructive challenge to management and the Notes to resolutions 4 – 13 committee noted the quality of reporting provided to it. Re-election of directors Independence All the directors of the company are required by the articles of association The committee assesses the independence of the external auditor on an to retire and offer themselves for re-election at each AGM. ongoing basis and the external auditor is required to rotate the lead audit partner every five years and other senior audit staff every seven years. In accordance with this requirement, Helge Lund, Bernard Looney, Murray The current lead partner has been in place since the 2018 AGM. No partners Auchincloss, Paula Reynolds, Pamela Daley, Melody Meyers, Sir John or senior staff associated with the bp audit may transfer to the group. Sawers, Tushar Morzaria, Karen Richardson and Dr Johannes Teyssen will retire and offer themselves for re-election as directors. Notes to resolution 15 The people and governance committee identifies, evaluates and Remuneration of auditor recommends to the board candidates for appointment as directors. The audit committee reviews the fee structure, resourcing and terms The people and governance committee keeps the diversity, mix of skills, of engagement for the external auditor annually; in addition it reviews experience and knowledge of the board under regular review to ensure an the non-audit services that the auditor provides to the group on a orderly succession of directors. The directors’ ability to commit sufficient quarterly basis. and appropriate time to their board responsibilities is also monitored by The board is seeking authority for the audit committee to fix the auditor’s the people and governance committee. remuneration, in accordance with the Statutory Audit Services Order 2014, Statements in support of the re-election of directors are set out with the issued by the UK Competition and Markets Authority. biography of each director, together with descriptions of their skills, Fees paid to the external auditor for the year 2021 were $58 million (2020: experience and the committees upon which they serve. $54 million), of which less than 1% was for non-assurance work. The audit The board has carefully considered whether each of the non-executive committee is satisfied that this level of fee is appropriate in respect of the directors is free from any relationship that could materially interfere with the audit services provided and that an effective audit can be conducted for this exercise of his or her independent judgement. It has concluded that each fee. Non-audit or non-audit related assurance fees were $37 thousand non-executive director is independent. The board has also reviewed and (2020: $1 million). Note 35 to bp’s consolidated financial statements concluded that each non-executive director possesses the necessary mix of provides details of the remuneration of the company’s external auditor. skills and experience to continue to contribute effectively to the company’s This can be found on page 251 of the bp Annual Report and Form 20-F 2021 long-term sustainable success. Further, notwithstanding their external (bp.com/annualreport). Non-audit or non-audit related services consisted of appointments, the board is satisfied that each non-executive director is able other assurance services. to commit sufficient and appropriate time to their bp board responsibilities. Notes to resolutions 16 and 17 All directors are recommended by the board for re‑election. BP ShareMatch UK Plan 2001 and BP Sharesave UK Plan 2001 Notes to resolution 14 Authority is sought to approve the renewal of the BP ShareMatch UK Plan 2001 (ShareMatch UK) and the BP Sharesave UK Plan 2001 (Sharesave UK) Reappointment of auditor (together the ‘Plans’). These Plans are all-employee plans operated mainly Recommendation for reappointment for the benefit of UK employees. Historic versions of the Plans were first The appointment of Deloitte LLP as auditor of the company ends at the approved by shareholders on 19 April 2001 and were reapproved by conclusion of the annual general meeting. They have indicated their shareholders in 2011. Employee surveys have shown that companies willingness to stand for reappointment as auditor of the company until perform better if employees are engaged and interested in the company for the conclusion of the annual general meeting in 2023. which they work. bp considers that employee share plans give employees an opportunity to own a share of the company and help align their own The audit committee considers the reappointment of the external auditor interests with those of the company and its shareholders. As shareholders, each year before making a recommendation to the board. The board employees have a strong interest in helping the company to achieve its recommends the reappointment of the auditors. goals, to enjoy long-term success and to create shareholder value and return. For these reasons, bp views share plans as a way of encouraging share ownership throughout the company. Under ShareMatch UK and Sharesave UK, UK employees participate through the HM Revenue & Customs (HMRC) tax-favourable Share Incentive Plan and Save-As-You- Earn plans respectively. 12 Notice of bp Annual General Meeting 2022
A copy of the rules of the Plans will be available for inspection electronically Voting rights on the National Storage Mechanism at data.fca.org.uk/#/nsm/ Participants may direct the trustees how to exercise the voting rights nationalstoragemechanism from the date of this Notice. Copies of the rules attributable to the shares held on their behalf. The trustees will not exercise of the Plans will also be available for inspection at the place of the AGM for the voting rights unless they receive the participants’ instructions. at least 15 minutes prior to, and during, the meeting. Leavers Common features If a participant ceases to be an employee of the bp group, the shares under Set out below are the features that are common to the Plans. ShareMatch UK will normally be transferred to them (but Matching Shares Eligibility and free shares may be forfeited in some circumstances). Subject to HMRC requirements where relevant, executive directors and all Sharesave UK employees of the company and any subsidiaries designated by the directors General as participating companies are eligible to participate in the Plans, provided Sharesave UK is a plan that is structured to meet HMRC requirements they have worked for the company or a participating company for any in the UK for tax purposes and under which UK participants receive qualifying period as determined by the directors (but not exceeding three tax-favourable treatment. years). Employees under notice are generally not eligible to participate in the Sharesave UK. Benefits under the Plans are not pensionable. Savings contract An employee is granted an option to acquire company shares at a fixed Amendment option price (see below). The employee must enter into a savings contract The directors may amend the Plans as they consider appropriate. However, and save at least £5 but not more than £500 per month across all plans (or shareholder approval will be required to amend certain provisions to the such other sum as may be allowed by legislation) usually for a three- or advantage of participants. These provisions relate to eligibility, individual and five-year period. Shares can only be bought with the amount saved, plus plan limits, the treatment of awards on the variation in the company’s share any bonus paid under the savings contract. capital and the amendment powers. The directors can make certain minor amendments, without shareholder approval, that may be to the advantage Option price of participants, such as amendments to benefit the administration of the The option price must not be less than 80% of the market value of a share Plans, to take account of a change in legislation, or to obtain or maintain either on the date that invitations are sent to eligible employees or on the favourable tax treatment, exchange control or regulatory treatment for date specified on the invitation. participants or the company or other participating companies. To the extent the Plans are operated in any jurisdiction on a tax-favourable basis, Exercise of options and leaver provisions amendments to the Plans are subject to the prior approval of the relevant Options are normally exercisable within six months after the end of the tax authority, as may be required. savings contract. Options may, however, be exercised early in certain circumstances. These include, for example, an employee leaving because Dilution limits of ill health, retirement, death or redundancy. On cessation of employment In any 10-year period, not more than 10% of the issued ordinary share for other reasons, options will normally lapse. capital of the company may be issued or be issuable under the Plans and all other employees’ share plans operated by the company. Change of control, merger or other reorganization Options may generally be exercised early on a takeover, scheme of Shares arrangement, merger or other reorganization. Alternatively, in certain Any shares issued or transferred under the Plans will rank equally with circumstances, option holders may be allowed or required to exchange shares of the same class in issue on the date of allotment/transfer except their options for options over shares in the acquiring company. in respect of rights arising by reference to a prior record date. Overseas employees Variation in share capital Sharesave UK may be extended to overseas employees on terms The rights under the Plans may be adjusted following any variation in the appropriate to the jurisdiction in which they work, as long as such terms share capital of the company, including a capitalization or rights issue, are not more favourable overall than those applicable to UK employees. sub-division, consolidation or reduction of share capital. These options will not receive tax-favourable treatment in the UK. ShareMatch UK Terminating the plan General No new rights may be granted under Sharesave UK after the 10th Under ShareMatch UK, employees purchase shares (Investment Shares) anniversary of the reapproval of the plan by the company’s shareholders. using their own funds and are awarded matching shares (Matching Shares) by the company on a basis determined by the company. Free shares may also be awarded although there is no current intention to award free shares. ShareMatch UK operates in conjunction with a trust, which holds shares on behalf of employees. Shares must normally be held by the trustee for a minimum period of three years. ShareMatch UK is structured to meet HMRC requirements and, as a result, UK participants receive tax favourable treatment. Dividends During the holding period, dividends paid on shares are either reinvested in the purchase of additional shares or paid in cash. Notice of bp Annual General Meeting 2022 13
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