On 13 December the BP Board announced the dismissal of former CEO Bernard Looney for reasons of serious misconduct.
BP also stopped Mr Looney from receiving remuneration of £32,460,000 consisting of salary, benefits and annual bonus, unvested share awards and clawback of remuneration from July 2022.
BP’s full public statement can be found at the following link:
Not reported in BP’s statement is that Mr Looney caused a pension crisis for thousands of members of BP’s UK defined benefit pension scheme. He was the first (and at the time of writing only) CEO to reject an affordable discretionary cost of living pension increase recommended by the independent BP Pension Fund Trustees.
Mr Looney and his successor as interim CEO (Mr Auchincloss) have refused to meet with pensioner representatives to discuss pensioners’ concerns and possible solutions for resolving the pensions crisis. This has led to the BP Pensioner Group sending BP and the BP Pension Trustees legal letters, calling them to account for actions taken in relation to pension increases. For details see: https://bppensionergroup.org/2023-12-08-statement/
This is for post is intended for information purposes only, and is not a BP Pensioner Group media statement