Ousted BP chairman hits back at 'lies' about his behaviour

According to BBC Business, Albert Manifold, who stepped down as chairman of BP in March, has responded to allegations about his conduct reported in recent weeks. In a written statement, Manifold called the criticisms 'lies' and said 'no-one should be allowed to undermine corporate leaders through anonymous commentary'. His remarks come amid shareholder voting pressure and tension over BP's energy-transition strategy.

BP has been at the centre of corporate-structure debate over the past three years, owing to energy-price volatility after the war in Ukraine, Strait of Hormuz tension and cost revisions on its renewables programme. According to Brendan Roberts, senior analyst at Lazard, decisions taken during the Manifold period later revealed strategic choices on which consensus could not be reached. Proxy adviser ISS, for its part, considers that renewing the board could support long-term risk management.

BP says it is conducting its governance process in line with the principle of transparency, and that Manifold's comments have been noted. An investor meeting is planned for early July, with new chair candidates and the energy-transition investment calendar set as main agenda items. This article relays publicly available reporting; it does not constitute investment advice.