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Friday 15 April, 2011

BP PLC

AGM Special Business and Retirement of Directors

RNS Number : 0553F
BP PLC
15 April 2011
 



Items of Special Business and Retirement of Directors

BP p.l.c. 2011 Annual General Meeting

 

The following items of special business were passed at the BP p.l.c. Annual General Meeting held on 14 April 2011:

 

Resolution 17 - Share buyback

To authorize the company generally and unconditionally to make market purchases (as defined in Section 693(4) of the Companies Act 2006) of ordinary shares with nominal value of $0.25 each in the company, provided that:

 

a.         the company does not purchase under this authority more than 1.9 billion ordinary shares;

 

b.         the company does not pay less than $0.25 for each share; and

 

c.         the company does not pay more for each share than 5% over the average of the middle market price of the ordinary shares for the five business days immediately preceding the date on which the company agrees to buy the shares concerned, based on share prices and currency exchange rates published in the Daily Official List of the London Stock Exchange.

 

In executing this authority, the company may purchase shares using any currency, including pounds sterling, US dollars, and euros.

            This authority shall continue for the period ending on the date of the annual general meeting in 2012 or 14 July 2012, whichever is the earlier, provided that, if the company has agreed before this date to purchase ordinary shares where these purchases will or may be executed after the authority terminates (either wholly or in part), the company may complete such purchases.

 

Resolution 18 - Directors' authority to allot shares (Section 551)

To renew, for the period ending on the date of the annual general meeting in 2012 or 14 July 2012, whichever is the earlier, the authority and power conferred on the directors by the company's Articles of Association to allot relevant securities up to an aggregate nominal amount equal to the Section 551 amount of $3,133 million.

 

Resolution 19 - Directors' authority to allot shares (Section 561)

To renew, for the period ending on the date of the annual general meeting in 2012 or 14 July 2012, whichever is the earlier, the authority and power conferred on the directors by the company's Articles of Association to allot equity securities wholly for cash

 

a. in connection with a rights issue;

 

b. otherwise than in connection with a rights issue up to an aggregate nominal amount  

    equal to the Section 561 amount of $235 million.

 

Resolution 20 - Notice of general meetings

To authorize the calling of general meetings of the company (not being an annual general meeting) by notice of at least 14 clear days.

 

 

Resolution 21 - Political donations and political expenditure

To authorize the company and BP International Limited ('BPI') for the purposes of the Companies Act 2006, Part 14, to make donations or incur expenditure as provided below.

         Donations or expenditure by the company or by BPI may be under one or more or all of the following heads: (i) donations to political parties or independent election candidates; (ii) donations to political organisations other than political parties; and (iii) political expenditure.

         This authority may only be used by the company or by BPI to make a donation or incur expenditure within any one or more of the above heads if the aggregate total of that donation or expenditure, together with any other such donations or expenditure incurred in the same year (beginning on the date of this authority, or its anniversary), does not exceed £100,000.

         In the period for which this authority has effect, it shall permit donations and expenditure by each of the company and BPI to a maximum amount of £400,000 under each of the heads listed earlier, but use of the authority shall always be limited as above.

         This authority shall continue for the period ending on 13 April 2015 or the date of the company's annual general meeting in 2015, whichever is the earlier.

 

Resolution 22 - Renewal of the BP ShareMatch Plan

To approve the renewal of the rules of the BP ShareMatch Plan ('ShareMatch') (as amended), the principal features of which are summarised in the notes on page 10 of the Notice of Meeting, a copy of which is produced in draft at this meeting and for the purposes of identification initialled by the chairman, subject to such modification as the directors may consider necessary or desirable to maintain or obtain the approval of HMRC or any other taxation authority or to take account of the requirements of the Financial Services Authority or the London Stock Exchange (or their successor(s)) or otherwise; and further to authorise the directors to:

 

a.         do all things as they may consider necessary and expedient to continue to operate ShareMatch; and

 

b.         establish or maintain such further plans for the benefit of employees based on ShareMatch subject to such modifications as may be necessary or desirable to take account of security laws, exchange control and tax legislation in any country, provided that any shares made available under ShareMatch are treated as counting against any limits on individual participation in such further plans and any new shares made available under such further plans are treated as counting against any limits on overall participation in ShareMatch.

 

Resolution 23 - Renewal of the BP Sharesave UK Plan 2001

To approve the renewal of the BP Sharesave UK Plan 2001 ('Sharesave UK') (as amended), the principal features of which are summarised in the notes on page 10, a copy of which is produced in draft at this meeting and for the purposes of identification initialled by the chairman, subject to such modification as the directors may consider necessary or desirable to maintain or obtain the approval of HMRC or any other taxation authority or to take account of the requirements of the Financial Services Authority or the London Stock Exchange (or their successor(s)) or otherwise; and further to authorise the directors to:

 

a.         do all things as they consider necessary and expedient to continue to operate Sharesave UK; and

 

b.         establish or maintain such further plans for the benefit of employees based on Sharesave UK subject to such modifications as may be necessary or desirable to take account of security laws, exchange control and tax legislation in any country, provided that any shares made available under Sharesave UK are treated as counting against any limits on individual participation in such further plans and any new shares made available under such further plans are treated as counting against any limits on overall participation in Sharesave UK.

 

This notice is given in fulfilment of the obligation under LR 9.6.18

 

Retirement of Directors

The Board of BP p.l.c. announces that Mr D.J. Flint and Dr D.S. Julius retired as non-executive directors of the company with effect from the conclusion of the Annual General Meeting held on 14 April 2011.

 

This notice is given in fulfillment of the obligation under LR 9.6.11(2)

 

 


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