BP says former CEO Looney to receive no further salary, announces clawback

Following the September 12 announcement of the resignation of former chief executive officer Bernard Looney, BP p.l.c. announces the decisions that have been taken in relation to his remuneration. “Following careful consideration, the board* has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr Looney knowingly misled the board. The board has determined that this amounts to serious misconduct, and as such Mr Looney has been dismissed without notice effective on 13 December 2023. This decision had the effect of bringing Mr Looney’s 12 month notice period to an immediate end… Mr Looney will be required to repay 50% of the cash portion of the annual bonus paid to him in respect of the financial year 2022 and he will forfeit 6/36ths of his award of shares that vested in August 2023 from the three-year 2020-2022 performance share plan under the EDIP… The total maximum value of the potential remuneration that has been forfeited or clawed back is GBP 32,426,000 based on the assumptions described below. 87% of this value is automatically forfeited as a result of Mr Looney’s resignation with immediate effect on 12 September 2023. 10% results from the board’s decision that he should be dismissed following serious misconduct and the further 3% has been clawed back at the discretion of the board,” BP stated in a notice to the London Stock Exchange.