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bp to reclaim £32m from former boss over “serious misconduct”

bp’s board has determined that former Chief Executive Bernard Looney engaged in “serious misconduct” related to past relationships with colleagues.

The decision to strip Looney of £32 million in pay and bonuses comes after a scandal erupted, prompting Mr Looney’s resignation in September.

The scandal unfolded as a result of a probe initiated by the bp board in response to claims made by an anonymous source concerning Bernard Looney.

Looney had previously provided “assurances” regarding his “past relationships with company colleagues and his future behavior,” according to bp.

However, in September of this year, a new investigation was initiated by the company in response to similar allegations.

During this process, Mr Looney disclosed to the company that he had not been fully transparent in his earlier assurances.

In a statement, bp said: “Following careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Looney knowingly misled the board. The board has determined that this amounts to serious misconduct.”

bp said the company has communicated its decision on Looney’s pay to his legal representatives.

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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