Ex-BP boss Bernard Looney denied £32.4m in bonuses and salary after 'knowingly misleading the board'

Misleading the board over past relationships with colleagues has cost a former oil boss a £32.4 million payout. Bernard Looney resigned from BP in September after failing to be “fully transparent” in disclosures and today (Wednesday), the firm said it sought assurances from Mr Looney in 2022 about those relationships - but concluded these were “inaccurate and incomplete”.

“Mr Looney knowingly misled the board,” the oil firm said. “The board has determined that this amounts to serious misconduct.”

As a result, BP said £32.4 million-worth of salary, pension, bonus payments and shares have been forfeited, covering further salary and benefits from the date of his dismissal, as well as an annual bonus for the 2023 financial year.

The majority of his forfeited pay package was almost £25 million of unvested share awards linked to performance, while the denied funds would also “claw back” some cash already paid to Mr Looney, including 50% of the cash bonus paid to him for the 2022 financial year, the firm said.

BP said this reflected “the decision by the board that Mr Looney should not retain any variable pay relating to service following the date of the misleading assurances”.

Chief financial officer Murray Auchincloss has been acting as interim chief executive while the investigations took place and the firm launched a search for a new boss.