Ousted BP chair Manifold hits back at 'false narrative' over conduct

Albert Manifold has criticised a ‘false narrative’ after he was removed as BP PLC chair.

BP’s board removed him with immediate effect on Tuesday, reporting ‘serious concerns’ related to his conduct, oversight and governance at the oil giant.

He said he ‘entirely’ disputes the characterisation of his conduct laid out by his former employer.

Manifold, previously chief executive of Dublin-based building materials firm CRH PLC, joined BP last October as it sought to drive an upturn in performance.

On Wednesday, Manifold said: ‘I was removed without warning and without explanation. During my time as chairman I worked to drive genuine change at BP – cutting costs, challenging excess, and holding the organisation to higher standards.

‘The board’s statement this morning acknowledged the focus and pace I brought. I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged.’

The board has appointed Ian Tyler as interim chair and launched a search process for a permanent replacement.

Amanda Blanc, senior independent director at BP, said on Tuesday: ‘Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.’

Manifold’s removal came a month after almost a fifth of BP shareholder votes were cast against his election.

Shareholder advisory group Glass Lewis had called for investors to vote against him because of concerns over governance.

BP shares fell 1.3% to 522.10 pence each on Wednesday morning in London.

By Henry Saker-Clark, Press Association Deputy Business Editor

Press Association: Finance

source: PA

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