Bernard Looney resigned in September after BP received allegations that he had failed to disclose past relationships with colleagues. In an eight-point question-and-answer memo shared with executives, one of the points addressed was: “Has the board been unduly harsh in how it has treated Bernard?” The memo’s response stressed that the “great majority” of the pay forfeiture “came as a result of his own decision to resign with immediate effect”.
The document was shared internally on Wednesday when BP said that it had fired Mr Looney without notice after finding that he committed serious misconduct. This meant he would have to forfeit as much as £32.4 million (€37.6 million) in bonus, salary, pension allowance and share awards
Source: News Formal (newsformal.com)
BP CEO Bernard Looney Resignation Allegations Misconduct Compensation
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