13 December 2023 , 17:04
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Former BP chief executive Bernard Looney will miss out on up to £32.4 million in pay, bonuses and shares, the company said, following his resignation in September after he misled the board about past relationships with colleagues.
BP said in a statement: “Following careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr Looney knowingly misled the board.”
He was dismissed without notice effective on 13 December 2023, the oil giant said.
Bernard Looney resigned from the company in September after failing to be "fully transparent" in disclosures about past relationships with colleagues. BP said on Wednesday the company sought assurances from Mr Looney in 2022 about these relationships but has now concluded these were "inaccurate and incomplete". As a result, it said £32.4 million worth of salary, pension, bonus payments and shares have been forfeited. It will also "claw back" some cash already paid to Mr Looney, including 50% of the cash bonus paid to him for the 2022 financial year.
Earlier this year, fuel poverty campaigners said it was a “scandal” after reports emerged that Mr Looney was in line for a bonus package of over £10million while British households and businesses struggle to pay sky-high bills.
BP profits double to record £23billion as millions suffer sky-high energy bills