The former boss of BP Bernard Looney has lost £32.4m in pay and bonuses after being formally dismissed due to "serious misconduct".

The energy giant's board received anonymous allegations in May 2022 about past misconduct involving Looney. He latterly disclosed "a small number of historical relationships with colleagues" prior to becoming chief executive in February 2020.

The Irishman quit his role with immediate effect in September this year, but has now been formally dismissed from his notice period.

His resignation came after he admitted to the board that he had not been "fully transparent" with them about past relationships with colleagues.

BP's board had previously launched an investigation into the matter with the help of external lawyers.

Financial losses

The company said that Looney's resignation meant he lost out on £25m in performance-related share bonuses that were due to be paid out over the coming years, as well as more than £4.5m relating to the salary and pension allowance for the balance of his notice period, plus the maximum bonus award for this financial year.

Nearly £1m was also clawed back at the discretion of the board.

Looney 'knowingly misled' board

BP said in a statement: "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."

According to The Times, a spokesman for Looney did not immediately comment.

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