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

In detailFind out more online.bp.com/valuesThe values are much more than words – we are actively seeking to embed thesevalues at the heart of the systems and processes we are introducing to unifyand strengthen our business. We are both enforcing and incentivizing values-ledbehaviour. For example, our updated performance and reward system, whichcame into effect on 1 January 2012, now creates an explicit link between ourvalues and the way individuals are judged and rewarded within BP.Our valuesThis statement of our valuesexpresses our aspirations andintentions for BP, as we worktogether to strengthen safety andrisk management, earn back trustand create value. Our values arealigned with, and an extension of,our code of conduct.SafetySafety is good business.Everything we do relies uponthe safety of our workforceand the communitiesaround us. We care aboutthe safe management ofthe environment. We arecommitted to safely deliveringenergy to the world.RespectWe respect the world inwhich we operate. It beginswith compliance with laws andregulations. We hold ourselvesto the highest ethical standardsand behave in ways that earnthe trust of others. We dependon the relationships we haveand respect each other andthose we work with. Wevalue diversity of people andthought. We care about theconsequences of our decisions,large and small, on thosearound us.Business review: Group overviewExcellenceWe are in a hazardousbusiness, and are committedto excellence through thesystematic and disciplinedmanagement of ouroperations. We follow anduphold the rules and standardswe set for our company. Wecommit to quality outcomes,have a thirst to learn, and toimprove. If something is notright, we correct it.CourageWhat we do is rarely easy.Achieving the best outcomesoften requires the courageto face difficulty, to speakup and stand by what webelieve. We always strive todo the right thing. We explorenew ways of thinking and areunafraid to ask for help. Weare honest with ourselves, andactively seek feedback fromothers. We aim for an enduringlegacy, despite the short-termpriorities of our world.One TeamWhatever the strength of theindividual, we will accomplishmore together. We put theteam ahead of our personalsuccess and commit tobuilding its capability. We trusteach other to deliver on ourrespective obligations.Our codeThe BP code of conduct sets the standard that we all work to. It is aligned withour values, group standards and legal requirements, and it clarifies the ethics andcompliance expectations for everyone who works at BP. The code was updatedin 2011 and now puts greater emphasis on a values-based approach. Whererules are not stated explicitly, our everyday business decisions will be guided byour values.BP Annual Report and Form 20-F 2011 33