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BP says former chief executive Bernard Looney will lose up to £32.4 million over “serious misconduct” linked to his failure to disclose past relationships with colleagues .
“After careful consideration, the board has concluded that, by providing inaccurate and incomplete assurances in July 2022, Mr Looney knowingly misled the board,” the statement said. said BP in a statement.
“The Board of Directors has determined that this is a serious misconduct, and Mr. Looney is hereby dismissed without notice effective December 13, 2023.”
Looney resigned in September after BP received allegations about his past dealings with his colleagues, and he admitted that he did not “completely understand” the board of directors, chaired by Helge Lund.
At this time, the Board of Directors stated that it has started an investigation into the allegations with the support of foreign lawyers and will make a decision about his salary at a later date.
BP’s decision to fire him three months after he resigned has “the effect of terminating Mr Looney’s 12-month tenure with immediate effect”, the oil group said.
According to BP, the maximum £32.4 million Looney will lose includes unauthorized bonuses and almost £1 million he must return to the company under “special arrangements”.
87 percent of the amount was “automatically forfeited” when Looney resigned, BP said, while 10 percent was linked to the board’s decision that his misconduct was so serious that justifying his dismissal, while 3 percent are being sent back. at the discretion of the council.
BP said the compensation awarded to Looney covered the period from July 2022 when the company said he had given “false assurances” to the board that he disclosed all past relationships with employees.
The board received the first set of allegations about Looney’s behavior in May 2022, after he disclosed four relationships with his partners and assured the writing board that he had nothing else to do. revealed, reports the Financial Times.
The latest allegations were made in September by a female BP whistleblower and revealed more connections that Looney had not previously disclosed.
BP said the return reflected “the board’s decision that Mr Looney should not retain a variable payment related to post-date fraudulent assurances”.
A spokesman for Looney did not immediately respond to a request for comment.