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Notice of Meeting

AGM update

 

bp has announced that its 2020 Annual General Meeting (AGM) will now be held at 1 St. James’s Square, London SW1Y 4PD at 11:00am on Wednesday, 27 May 2020.

 

This is a change to the venue set out in the 2020 Notice of AGM which bp published on 27 March 2020 as that venue is being used by the NHS as a field hospital in the fight against COVID-19.

 

Due to Government guidance on social distancing and prohibiting gatherings, and in order to protect our staff and our shareholders, bp’s AGM will be a closed meeting. Shareholders should not attempt to attend the AGM in person.

 

The meeting will be live streamed on the internet, accessible via the company’s website on survys.com. Those wishing to watch the meeting should register at survys.com/agm/webcast. Shareholders watching the AGM on survys.com will not be counted towards the quorum of the meeting and will not be able to participate in the meeting, including by voting or asking questions, on the day.

 

We strongly encourage shareholders to vote by appointing the chairman of the meeting as their proxy as soon as possible and in any event no later than 6:00pm BST on Friday 22 May 2020 to ensure their votes are counted.  

Health Note: Coronavirus (COVID-19)

bp will act in the best interests and welfare of its shareholders and staff. BP may need to make changes to the meeting time, date and location or take other actions to ensure this. Please visit this page for the most up to date information on the meeting and or its proceedings. For up to date information and advice on Coronavirus please visit www.nhs.uk/coronavirus
 

Dear fellow shareholder,

I am pleased to invite you to the BP p.l.c. 2020 Annual General Meeting (AGM) on Wednesday 27 May 2020 at 11.00am. 

As I wrote in my foreword to the 2019 Annual Report which we published last week, the world is facing an unprecedented set of challenges – chief amongst which is the rapid spread of the coronavirus pandemic (COVID-19) with tragic consequences. As we today publish the notice of our 2020 Annual General Meeting (‘AGM’), these challenges seem to be growing in their significance and potential impact.

 

Against this backdrop, we are currently planning to return to London this year and to hold the AGM at ExCeL London on 27 May 2020, starting at 11:00am. BP’s 2018 and 2019 AGMs were held in Manchester and Aberdeen respectively and provided a great opportunity for the board to engage with our UK shareholders who might not otherwise have been able to attend a shareholder meeting.

 

Clearly, we appreciate that not everyone will be able or willing to travel to London to attend our AGM this year. With events moving so quickly, we may not be able to hold the AGM at our chosen venue at all. We will of course keep you updated of any changes we may decide to make to our current plans, as well as changes resulting from UK Government action, or decisions taken by the owners of the venue. This may or may not include a decision to webcast the event and other changes to the proceedings.

 

Please be sure to visit survys.com/agm where we will provide regular updates.

 

The past year had been a significant one for BP. After nearly a decade in the job, Bob Dudley decided to retire, and the board appointed Bernard Looney as BP’s new CEO. I am extremely grateful to Bob for all he did for BP, and I am sure you will all join me in wishing him a long and happy retirement.

 

Shortly after assuming his new role in February, Bernard announced BP’s new purpose – to reimagine energy for people and our planet. He also announced BP’s new ambition – to get to net zero by 2050 or sooner, and to help the world get to net zero, underpinned by ten clear aims. To meet our purpose, ambition and aims, we also set out plans for reinventing BP, and unveiled a new leadership team. Bernard has the full support of BP’s board as he leads BP in its new direction.

 

Nils Andersen stepped down from the board on 18 March 2020 following his appointment as chairman at Unilever in November 2019. Nils will be missed and we wish him success in his new role. I would also like to thank Brian Gilvary, who will be standing for re-election at the AGM in May, but will be retiring from the board at the end of June. Brian has been a great CFO during an important time for the company. Brian is handing over to Murray Auchincloss, and we look forward to welcoming Murray to the board in July. Bob, Nils and Brian have been tremendous ambassadors for the company and we wish them all the best.

 

Last week, we also announced that Sir Ian Davis will be standing down as senior independent director at the conclusion of the AGM, to be succeeded by Paula Rosput Reynolds. With your support, Sir Ian will continue as a director until later this year to help support us through the ongoing transition. Brendan Nelson, chair of the audit committee and a highly valued member of the board, is also standing for re-election for one further year. His re-election is strongly supported by the board. We are expecting to appoint a successor to Brendan who, in due course, will also take over the chairmanship of the audit committee.

 

At the AGM, we intend to update shareholders on our performance in 2019 and progress we have made in the delivery of our strategy. This year marks the triennial renewal of our remuneration policy. In developing the policy, the remuneration committee sought feedback from many of our largest shareholders. We are seeking your approval of the new policy which retains our simple and well understood structure with strengthened elements relating to our energy transition ambition. We are also looking to seek renewal of the BP Executive Directors’ Incentive Plan.

 

Your votes matter. I encourage you all to read the information contained in this document and to vote your shares, making sure that your proxy is completed and returned to us, particularly if for any reason the AGM is affected by planning around COVID-19.

 

I hope that you and your families, friends and colleagues stay safe and healthy, and I would like to take this opportunity to thank you all for your continued loyalty to BP.

 

Helge Lund

Chairman - 27 March 2020