LONDON--Oil major BP PLC (BP.LN) said Tuesday it plans to propose to shareholders at its 2018 Annual General Meeting that Deloitte be appointed as the company's auditor for the financial year 2018.

EY, BP's current external auditor, will continue in its role and will undertake the audit for the financial years 2016 and, subject to reappointment by shareholders at the next Annual General Meeting, 2017, the company said.

Annual appointment of external auditors by AGM is required under U.K. law. U.K. and E.U. law now requires an auditor's maximum period as auditor to a listed company to be 20 years, with a competitive tender process required at least once every 10 years.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

November 15, 2016 04:28 ET (09:28 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
BP (NYSE:BP)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more BP Charts.
BP (NYSE:BP)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more BP Charts.