Albert Manifold has criticised a “false narrative” after he was removed as BP chairman on Tuesday.
BP’s board removed him with immediate effect, reporting “serious concerns” related to his conduct, oversight and governance at the oil giant, which he disputes.
In response, Mr 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.”
On Tuesday the London-listed firm said its board “unanimously decided that (he) should no longer serve as chair and director with immediate effect”.
The company has not disclosed any details regarding the nature of the conduct and governance issues.
Mr Manifold, previously chief executive of Irish building materials firm CRH, joined BP last October as it sought to drive an upturn in performance.
Amanda Blanc, senior independent director at BP, said: “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.”
The board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement.
Mr Manifold’s removal comes 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 due to concerns over governance.
Criticism was partly linked to BP’s refusal to include a resolution filed by climate activists Follow This at its annual general meeting, with Mr Manifold saying the resolution had not be filed correctly.
Mark van Baal of Follow This said: “This is the second chair in a row ousted over climate governance. BP is fixing a symptom, rather than the cause of their broken governance.“BP chose to remove Manifold rather than reform its governance.“The new chair must bring real expertise in governance, climate risk, and transition risk, otherwise nothing changes.”The departing chairman was also instrumental in the appointment of recently hired chief executive Meg O’Neill, who has sought to stabilise the firm.
Lindsey Stewart, director of institutional investor content at Morningstar, said: “At this point it’s fair to say BP has the most volatile boardroom of the oil supermajors.
“The company’s decision to exclude a shareholder proposal that appear to have ticked all the boxes to be voted by shareholders needlessly antagonised a wide swath of investors and again raised questions about governance and oversight at the company.
“With a resurgent share price so far this year, BP should be taking credit for the rewards of its strategic reset.“Instead, the company is on its third CEO and now it’s third chairman in under three years.”
Shares in BP dropped by as much as 5% after Mr Manifold’s departure was confirmed.
