The company found the former chief executive committed ‘serious misconduct’ by misleading its board over previous relationships.
The former boss of oil giant BP has been denied a £32.4 million payout after the firm found he committed “serious misconduct”.
Bernard Looney resigned from the company in September after failing to be “fully transparent” in disclosures about past relationships with colleagues.
BP said on Wednesday the company sought assurances from Mr Looney in 2022 about these relationships but has now 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, it said £32.4 million worth of salary, pension, bonus payments and shares have been forfeited.
It will also “claw back” some cash already paid to Mr Looney, including 50% of the cash bonus paid to him for the 2022 financial year.
