The former boss of BP will forfeit more than £32m in actual and potential pay for “misleading” its board over workplace relationships, the company has announced.
It comes after Bernard Looney stepped down as the oil giant’s chief executive in September following allegations that he failed to fully disclose details of romances with colleagues as required by the firm.
The figure is believed to be the largest amount ever forfeited by a former chief executive in the UK.
A BP spokesperson said: “Following careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr Looney knowingly misled the board.
“The board has determined that this amounts to serious misconduct.”
They added Mr Looney had been formally dismissed on Wednesday and “this decision had the effect of bringing Mr Looney’s 12-month notice period to an immediate end”.
There has been no immediate comment from Mr Looney and it is unclear if he will challenge the decision.
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