British Petroleum (BP) has enlisted the expertise of Freshfields Bruckhaus Deringer for an internal investigation into allegations of misconduct by the former CEO, Bernard Looney. This comprehensive inquiry has been necessitated by a series of disclosures surrounding Looney’s personal relationships with co-workers, which he himself conceded were not fully transparent.
In September, Looney took everyone by surprise with his sudden resignation from the role of Chief Executive Officer at BP. What followed was a meticulous examination of the circumstances surrounding his alleged misconduct. All findings were outlined in a statement from BP last week.
According to the statement, the evidence gathered during the investigation supports the assertion that Looney “knowingly misled the board”. BP stated, “Looney had indeed knowingly misled the board” with the omissions about his relationships.
In light of these findings, BP has expressed a resolve to “claw back” up to £32.4 million from Looney. The vast majority of this sum is likely to be comprised of unvested share awards and bonus rewards.
In context, even as we report this, it is imperative to note that the original article is behind a paywall, which may potentially limit the scope of information available. To get a more comprehensive understanding of the events, please refer to the original article, linked here.