BP's board swiftly removed chair Albert Manifold after eight months due to "serious concerns" over governance and conduct. While some see this as continued dysfunction following Bernard Looney's exit, the article argues it's an example of the board acting promptly. The appointment of Manifold, former CRH CEO, was a risky but not unreasonable choice.
BP has appointed Dame Amanda Blanc to lead the search for its next chair for a second time, despite investor concerns over her previous role in the process. Blanc, CEO of Aviva, will oversee the search following the abrupt departure of former chair Albert Manifold.
BP has immediately sacked Chairman Albert Manifold due to unacceptable governance and conduct issues, deepening the company's leadership turmoil. Shares fell nearly 6% on the news. Ian Tyler takes over as interim chair.
BP has removed its chairman Albert Manifold with immediate effect over serious governance, oversight and conduct concerns, including references to bullying behaviour. The move follows governance tensions, AGM criticisms and a fall in BP's share price, with Meg O'Neill's leadership under renewed focus.
BP chair Albert Manifold excluded a shareholder resolution from Dutch investor group Follow This from Thursday's annual meeting, prompting significant shareholder rebellion. The resolution would have required BP to describe how it would protect shareholder value if oil and gas demand falls. BP received only 47% support for a climate reporting resolution and 18% voted against Manifold's re-election. Legal & General Investment Management cited the resolution exclusion as a reason for voting no. Shell took a different approach, allowing a similar resolution.
«Toutes les décisions du Conseil concernant les résolutions de l’assemblée générale de cette année ont été prises en toute bonne conscience», s’est défendu le président Albert Manifold à l’issue du vote.
