BP
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register


This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.











Energy Giant BP Cancels $40 Million in Compensation to ex-CEO Bernard Looney Who Resigned in September 2023 for Undisclosed Past Personal Relationships with Colleagues, Had Knowingly Misled the BP Board 

16th December 2023 | Hong Kong

Energy giant BP has cancelled $40 million in compensation to ex-CEO Bernard Looney who resigned in September 2023 for undisclosed past personal relationships with colleagues, and had knowingly misled the BP board.  BP: “Following careful consideration, the board* has concluded that, 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 … …  The total maximum value of the potential remuneration that has been forfeited or clawed back is $40 million (£32,426,000).”  In September 2023, BP CEO Bernard Looney resigned for undisclosed past personal relationships with colleagues, with CFO Murray Auchincloss appointed as interim CEO.  More info below:

“ Energy Giant BP Cancels $40 Million in Compensation to ex-CEO Bernard Looney Who Resigned in September 2023 for Undisclosed Past Personal Relationships with Colleagues, Had Knowingly Misled the BP Board “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here


The 2024 Family Office Summit
17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here


2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable.   Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore

Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit.  Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here





 

Energy Giant BP Cancels $40 Million in Compensation to ex-CEO Bernard Looney Who Resigned in September 2023 for Undisclosed Past Personal Relationships with Colleagues

14th December 2023 – Following the 12 September 2023 announcement of the resignation of former chief executive officer Bernard Looney, BP p.l.c. (‘the Company’) today announces the decisions that have been taken in relation to his remuneration.

As set out in the September announcement:

  • Mr Looney notified the Company on 12 September 2023 that he had resigned as chief executive officer and from the board of directors of BP p.l.c. with immediate effect;
  • In 2022 the board sought assurances regarding disclosure of his past personal relationships with Company colleagues and his future behaviour. Mr Looney gave these assurances to the board in July 2022; and
  • In his September 2023 notification to the Company, Mr Looney informed the Company that he had not been fully transparent in those assurances.

Following careful consideration, the board* has concluded that, 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. In line with this decision, and consistent with BP p.l.c.’s shareholder-approved remuneration policy, the following will apply to Mr Looney’s remuneration arrangements:

Salary, benefits & annual bonus:

  • Mr Looney will receive no further salary, pension allowance or benefits from the date of his dismissal; and
  • Mr Looney will not be paid any annual bonus in respect of the financial year 2023.

Unvested share awards:

  •  Mr Looney’s unvested performance share awards under the Executive Directors’ Incentive Plan (EDIP) – for the 2021-2023, 2022-2024 and 2023-2025 performance share plans – will lapse in full; and
  • Mr Looney’s unvested deferred annual bonus share awards under the EDIP – from annual bonuses for 2021 and 2022 – will also lapse in full.

In addition, reflecting the decision by the board that Mr Looney should not retain any variable pay relating to service following the date of the misleading assurances he gave to the board, discretionary clawback has also been applied:

Clawback in respect of the period from July 2022: 

  • Mr Looney will be required to repay 50% of the cash portion of the annual bonus paid to him in respect of the financial year 2022; and
  • He will forfeit 6/36ths of his award of shares that vested in August 2023 from the three-year 2020-2022 performance share plan under the EDIP.

Value of affected remuneration

The total maximum value of the potential remuneration that has been forfeited or clawed back is £32,426,000** based on the assumptions described below.  87% of this value is automatically forfeited as a result of Mr Looney’s resignation with immediate effect on 12 September 2023. 10% results from the board’s decision that he should be dismissed following serious misconduct and the further 3% has been clawed back at the discretion of the board.The total comprises: 

  • £1,293,000 in respect of salary and pension allowance for the balance of his notice period which would otherwise have expired on 11 September 2024;
  • £3,258,000 being the maximum potential annual bonus payment for the 2023 financial year***;
  • £24,895,000 being the value of the full unvested performance share awards under the EDIP, a proportion of which would vest at completion of the relevant plan periods, dependent on performance****;
  • £2,030,000 being the value of the unvested deferred bonus awards under the EDIP, deferred from annual bonuses in 2021 and 2022;
  • £420,000 being 50% of the cash portion of the annual bonus paid in respect of the 2022 financial year, net of tax; and
  • £529,000 being 6/36ths of the value of the shares awarded from the 2020-2022 performance share plan under the EDIP, net of tax.

 

$111 Billion Energy Giant BP CEO Bernard Looney Resigns for Undisclosed Past Personal Relationships with Colleagues, CFO Murray Auchincloss Appointed as Interim CEO 

BP

16th September 2023 – Energy giant BP (Market Value 15/9/23: $111 billion) CEO Bernard Looney has resigned for undisclosed past personal relationships with colleagues, with CFO Murray Auchincloss appointed as interim CEO. BP: “In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues. The information came from an anonymous source.  During that review, Mr Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO. No breach of the Company’s Code of Conduct was found. However, the Board sought and was given assurances by Mr Looney regarding disclosure of past personal relationships, as well as his future behaviour.  Further allegations of a similar nature were received recently, and the Company immediately began investigating with the support of external legal counsel.  That process is ongoing.  Mr Looney has today informed the Company that he now accepts that he was not fully transparent in his previous disclosures.  He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 17th Oct2024 Investment Day Singapore 7th Nov2024 Family Office Summit Hong Kong 17th Oct2024 Family Office Summit Singapore 7th Nov2025 Events












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • July 2024 - Hong Kong
    • July 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Oct 2024 - Hong Kong
    • Nov 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014