BP PLC

bp’s framework for investment governance seeks

to ensure that investments align with our

strategy, can be accommodated within our

prevailing financial frame, and add shareholder

value. It enables investments to be assessed in a

consistent way against a range of criteria

relevant to our strategy, including environmental

and other sustainability criteria.

Investments follow an integrated stage-gate

process designed to enable our businesses to

choose and develop the most attractive

investment cases. A balanced set of investment

criteria is used (seepage 22). This allows for the

comparison and prioritization of investments

across a diverse range of business models.

The governance framework specifies that

proposed investments are evaluated using

relevant assumptions, including carbon prices for

projected operational emissions where

applicable. It also sets out requirements for

assurance by functions independent of the

business before a final investment decision (FID)

is taken.