A blue ribbon panel criticized safety arrangements at BP (BP), giving the huge oil company its latest bruising.

The panel, led by former Secretary of State James Baker, identified material deficiencies in process safety performance at the London-based company's U.S. refineries. The panel was set up after a March 2005 blast at a BP refinery in Texas City, Texas, killed 15 workers. BP has since accepted responsibility for the incident and set aside $1.6 billion for victim compensation.

"Significant process-safety culture issues exist at each refinery, not just the Texas City facility," said the panel.

BP said it would adopt the panel's recommendations, which include the appointment of an independent monitor reporting to the board for five years.

The news comes just days after the company's longtime CEO, Lord Browne, agreed to accelerate his planned retirement. BP has also been hit by last August's news of a big Alaska pipeline leak.

Shares fell 84 cents Tuesday to $63.80.

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