bp has reclaimed £1.8m from former Chief Executive Bernard Looney, who left in September amid controversy over undisclosed personal relationships, which the board deemed as “serious misconduct.”
In December, bp’s board concluded that former Chief Executive Bernard Looney was involved in “serious misconduct” concerning past relationships with colleagues.
The oil company’s annual report, released on Friday, revealed that Mr Looney, who would have been owed a £1.2 million salary for 2023, had provisions in his contract allowing bp to recover £3 million, resulting in a technically negative salary of – £1.8 million.
While Mr Looney is not obligated to repay the full amount, he will need to return bonus payments totalling about £420,000.
Meanwhile, bp’s new Chief Executive Officer has been awarded an £8 million pay deal.
