The Companies Act 2006 (CA2006) sets out a number of general duties which directors owe to the company. New legislation has been introduced to help shareholders better understand how directors of certain companies have discharged their duty to promote the success of the company, while having regard to the matters set out in section 172(1)(a) to (f) of the CA2006 (s172 factors).
In addition, certain companies provide a statement of their corporate governance arrangements in their directors’ report.
During the year the directors of the bp UK subsidiaries continued to follow bp’s corporate governance arrangements and exercise all their duties, while having regard to the s172 factors as they reviewed and considered proposals from management and governed each of the companies on behalf of their shareholders through the UK subsidiary boards.