20-F Annotated: BP Plc

As discussed in this previous post, BP Plc (LSE, NYSE: BP) and its chief executive Lord Browne of Madingley, are defendants in a derivative action in the US. Last week the company released its annual report (SEC Form 20-F filing) for 2006. Two brief notes on the report, regarding Lord Browne’s compensation and BP’s legal proceedings.

Lord Browne’s total pay - his compensation is also a subject of the action - was cut last year, by 23 per cent from £3.29 million to £2.53 million. (Or, as the Financial Times includes his vested shares for the year in the total compensation, the cut was of 28 per cent to £4.57 million.) For the report’s full discussion of executive compensation, see from p.68 (70 of 228; form p.61).

With regards to legal proceedings (report p.85 (87 of 228), form p.77), the section with that heading starts with the following statement: “Save as disclosed in the following paragraphs, no member of the group is a party to, and no property of a member of the group is subject to, any pending legal proceedings that are significant to the group.” (WV&Z’s emphasis) Tellingly, the derivative action, filed in the relevant year, is not disclosed.

The notice of the AGM of 12 April in London is here.

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