Sacked BP chairman hits out at ‘false narrative’

LONDON: Albert Manifold hit out after being sacked as chairman of British energy giant BP, saying that he would “not allow a false narrative to go unchallenged”.

“I dispute entirely the characterisation of my conduct,” he said in an emailed statement to the Financial Times and other financial media, one day after BP unexpectedly removed him after less than one year in the role.

The group cited “serious concerns” about governance standards, oversight and conduct at the company.

“I was removed without warning and without explanation,” Manifold said.

“During my time as chairman I worked to drive genuine change at BP- cutting costs, challenging excess, and holding the organisation to higher standards,” he said.

According to anonymous sources quoted by the Financial Times, other directors viewed Manifold as too aggressive and believed he exerted excessive control over the company.

Amanda Blanc, a senior independent director, had said that while he “helped bring a welcome focus and pace to BP’s transformation”, the board had “been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable”.

BP faced a shareholder backlash at its annual meeting last month as investors rejected a resolution that would have reduced its climate reporting requirements.

Some of the investor discontent was directed at Manifold, with 82% of shareholders voting in favour of his election – below the near-unanimous support typically received by directors.

He had become chairman in October, replacing Helge Lund, who departed after a major reset at the British energy giant that saw it shelve carbon-reduction targets to focus on fossil fuel output.

المصدر: Free Malaysia Today