BP (BP)

Evaluation

        During 2004, our board continued its ongoing evaluation processes to assess its performance and identify areas in which its effectiveness, policies or processes might be enhanced. The board reviewed

144

the conclusions and actions from the 2003 evaluation and determined that there should be a focus on evaluating the performance of the board committees during 2004.

        Regular evaluation of board effectiveness underpins our confidence in BP's governance policies and processes and affords opportunity for their development.

        Evaluations of both the audit and the ethics and environment assurance committees took place during 2004. An evaluation of the work of the remuneration committee will take place in 2005 as the review of executive remuneration is concluded and Dr Julius has assumed chairmanship of the committee. Work on a further evaluation of the board and the performance of individual directors has commenced.

Evaluation

        During 2004, our board continued its ongoing evaluation processes to assess its performance and identify areas in which its effectiveness, policies or processes might be enhanced. The board reviewed

138

the conclusions and actions from the 2003 evaluation and determined that there should be a focus on evaluating the performance of the board committees during 2004.

        Regular evaluation of board effectiveness underpins our confidence in BP's governance policies and processes and affords opportunity for their development.

        Evaluations of both the audit and the ethics and environment assurance committees took place during 2004. An evaluation of the work of the remuneration committee will take place in 2005 as the review of executive remuneration is concluded and Dr Julius has assumed chairmanship of the committee. Work on a further evaluation of the board and the performance of individual directors has commenced.