... Exchange (NYSE), pursuant to Rule 303A.11 of the NYSE Listing Manual, we are required to disclose any significant ways in which our corporate governance practices differ from those followed by domestic US companies listed on the NYSE. Independence BP has adopted a robust set of board governance principles, which reflect the UK's prevailing principles-based approach to corporate governance. As such, the way in which BP makes determinations of directors' independence differs from the NYSE rules. NYSE Rule 303A.02 sets out five bright line tests for director independence. In addition to these five tests, the NYSE also requires that the board of directors "affirmatively determines that the director has no material relationship with the company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company)". * BP's board governance principles require that all non-executive directors be "independent in character and judgement and ...

See this essay or coursework document in full right now