BP PLC

The board’s corporate governance framework is

a robust basis to challenge and guide the

leadership team in good times, but also in the

tougher times we have experienced. It has been

instrumental in helping the board to navigate

multiple, rigorous discussions and – ultimately –

the decisions we took in 2024, culminating, more

recently, in February’s strategy reset.

Our governance framework is designed to be

dynamic, flexible and robust. This meant that

when the new UK Corporate Governance Code

was published at the start of 2024, we could

largely deploy our existing processes to plan for

meeting its requirements, adding elements

where appropriate while avoiding duplication and

minimizing extra work.

The terms of reference for the board and the

board committees were updated in July, with

further changes to the board and audit

committee terms of reference in January 2025,

reflecting the staggered timetable of the changes

coming into force under the new code.

Consideringthe new requirement for an internal

control effectiveness statement, we intend to

make this statement in 2027 in respect of our

2026 annual report, having sought appropriate

external assurance.