BP ousts chair over ‘serious concerns’ about conduct and governance

Weeks after posting bumper profits on the back of the war in Iran, BP has removed its chairman due to “serious concerns” about governance standards, oversight and conduct. Albert Manifold, who took up the role in October, was tasked with returning the oil major to a stable footing after years of crises and poor performance. A major focus of his tenure was reversing BP’s commitments to renewables and doubling down on fossil fuels. This led to a shareholder revolt at the company’s annual general meeting in April, when investors refused to back a resolution that would have allowed BP to reduce commitments to release climate data. Nearly 20% of its shareholders also voted against re-electing Manifold as chair after BP blocked a resolution tabled by a group of climate activist shareholders. Manifold told Bloomberg News: “I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged.”