This excerpt taken from the BP 20-F filed Mar 4, 2008.
Constitution and operation
Each member of the remuneration committee is subject to annual reelection as a director of the company. The board considers all committee members to be independent (see page 74).
They have no personal financial interest, other than as shareholders, in the committees decisions.
The committee met six times in the period under review. There was a full attendance record. Mr Sutherland, as chairman of the board, attended all the committee meetings.
The committee is accountable to shareholders through its annual report on executive directors remuneration. It will consider the outcome of the vote at the AGM on the directors remuneration report and take into account the views of shareholders in its future decisions. The committee values its dialogue with major shareholders on remuneration matters.