BP Annual Report and Form 20-F 2011 - Company Reporting

Directors’ remuneration reportShare plans in detailPerformance share element of EDIP (audited)PerformanceperiodDate ofaward ofperformancesharesShare element interests Interests vested in 2011 and 2012Potential maximum performance shares aNumber ofMarket priceordinaryof each shareAt 1 Jan Awarded At 31 DecsharesVesting at vesting201120112011vested bdate£R W Dudley c 2009-2011 06 May 2009 539,634 – 539,634 101,735 15 Feb 2012 4.982010-2012 09 Feb 2010 581,082 – 581,082 – – –2011-2013 09 Mar 2011 d – 1,330,332 1,330,332 – – –I C Conn 2008-2010 13 Feb 2008 578,376 – – 0 – –2008-2011 e 13 Feb 2008 133,452 – – 155,695 22 Feb 2011 4.912008-2013 e 13 Feb 2008 133,452 – 133,452 – – –2009-2011 11 Feb 2009 780,816 – 780,816 149,259 15 Feb 2012 4.982010-2012 09 Feb 2010 656,813 – 656,813 – – –2011-2013 09 Mar 2011 d – 623,025 623,025 – – –Dr B E Grote c 2008-2010 13 Feb 2008 581,748 – – 0 – –2009-2011 11 Feb 2009 992,928 – 992,928 187,193 15 Feb 2012 4.982010-2012 09 Feb 2010 801,894 – 801,894 – – –2011-2013 09 Mar 2011 d – 785,394 785,394 – – –Former directorsDr A B Hayward 2008-2010 13 Feb 2008 845,319 – – 0 – –2009-2011 11 Feb 2009 755,512 – 755,512 f 144,422 15 Feb 2012 4.982010-2012 09 Feb 2010 303,948 – 303,948 f – – –A G Inglis 2008-2010 13 Feb 2008 578,376 – – 0 – –2009-2011 11 Feb 2009 520,544 – 520,544 f 99,506 15 Feb 2012 4.982010-2012 09 Feb 2010 218,938 – 218,938 f – – –aBP’s performance is measured against the oil sector. For awards under the 2009-2011 plan, performance conditions are measured 50% on TSR against ExxonMobil, Shell, Total, ConocoPhillips andChevron and 50% on a balanced scorecard of underlying performance. For the awards under the 2010-2012 plan, performance conditions are measured one third on TSR against ExxonMobil, Shell, Total,ConocoPhillips and Chevron and two thirds on a balanced scorecard of underlying performance. For awards under 2011-2013 plan, performance conditions are measured 50% on TSR against ExxonMobil,Shell, Total, ConocoPhillips and Chevron; 20% on reserves replacement against the same peer group; and 30% against a balanced scorecard of strategic imperatives. Each performance period ends on31 December of the third year.bRepresents vestings of shares made at the end of the relevant performance period based on performance achieved under rules of the plan and includes re-invested dividends on the shares vested.cDr Grote and Mr Dudley receive awards in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares.dThe market price of ordinary shares on 9 March 2011 was £4.85 and for ADSs was $47.41.eRestricted award under share element of EDIP. As reported in the 2007 directors’ remuneration report in February 2008, the committee awarded Mr Conn restricted shares, as set out above and includesre-invested dividends on the shares vested. The remaining award vests on the fifth anniversary of the award, dependent on the remuneration committee being satisfied as to their personal performance atthe date of vesting. Any unvested tranche will lapse in the event of cessation of employment with the company.fPotential maximum of performance shares reflect actual service during performance period on a pro-rated basis.Directors’ remuneration reportshares aDeferred share element of EDIP (audited)Deferred share element interests Interests vested in 2010 and 2011NameyearTypeperiod2011 2011 2011 vesteddate£Date of awardPotential maximum deferred shares Number ofordinaryMarket priceof each shareBonusPerformanceof deferred At 1 Jan Awarded At 31 Dec shares Vesting at vestingI C Conn 2010 Compulsory 2011-2013 09 Mar 2011 – 21,384 21,384 – – –Voluntary 2011-2013 09 Mar 2011 – – – – – –Matching 2011-2013 09 Mar 2011 – 21,384 21,384 – – –Dr B E Grote b 2010 Compulsory 2011-2013 09 Mar 2011 – 26,604 26,604 – – –Voluntary 2011-2013 09 Mar 2011 – 26,604 26,604 – – –Matching 2011-2013 09 Mar 2011 – 53,208 53,208 – – –aThe market price of ordinary shares on 9 March 2011 was £4.85 and for ADSs was $47.41.bDr Grote received awards in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares.BP Annual Report and Form 20-F 2011 149