BP PLC
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2024 · Filed Mar 6, 2025
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Contents
Alignment of 2025 variable remuneration with strategy
Each year, the committee aims to set a remuneration framework for executive directors that supports and incentivizes the execution of our strategy.
For 2025, the performance measures in the annual bonus and performance shares scorecards have been refined to align with our reset strategy. Measures
that have been introduced for 2025 have been marked with below. Further details on the rationale for their inclusion can be found onpages 104-105.
| Net zero by 2050 or sooner | Financial frame | Strategy | |
| Annual bonus | |||
|---|---|---|---|
| Safety and sustainability (30%) | |||
| Tier 1 and tier 2 process safety events« | ò | ||
| Operated carbon emissions | ò | ò | |
| Financials and operations (70%) | |||
| Modified free cash flow« ($bn) | ò | ò | |
| Structural cost reductions« ($bn) | ò | ò | |
| bp-operated reliability« and availability« | ò | ||
| Performance shares | |||
| Cumulative reduction % in operated carbon emissions (15%) | ò | ||
| Relative TSR (25%) | ò | ||
| ROACE« (20%) | ò | ò | |
| Adjusted free cash flow CAGR« (20%) | ò | ò | |
| Strategic progress (20%) | ò | ||
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