Guardian | BP has removed its chair, Albert Manifold, with the oil company’s board saying it had serious concerns about “important governance standards, oversight and conduct”. The FTSE 100 company announced Manifold’s departure with immediate effect on Tuesday, without giving further details. He had lasted only eight months in the role.
Even in his short time in the job, Manifold had riled some investors. 18% of the votes at his first annual meeting went against his re-election, after he blocked a resolution by Follow This.
Follow This had asked the company to report on how it would protect shareholder value if demand for oil and gas falls.
Mark van Baal, director of Follow This, said BP still needed to reform its governance structures, despite Manifold’s removal. “The new chair must bring real expertise in governance, climate risk and transition risk, otherwise nothing changes,” he said.
BP will now start a search for its third chair in two years.
