Former BP Chairman Albert Manifold Was Planning Board Reforms Before Ousting
Albert Manifold, former chairman of BP (AV.L), was preparing to propose significant changes to the company's board structure before being removed in May. His plans included introducing six-year term limits for directors and reducing the board size from ten members to eight by removing senior independent director Dame Amanda Blanc and non-executive member Johannes Teyssen. Manifold’s proposals were intended to improve governance standards, reduce costs, and address concerns about an unwieldy board. However, BP stated that no such discussions had been scheduled at the time of his dismissal, which followed allegations of bullying—claims he has denied. The company now supports Dame Amanda Blanc in finding Manifold's replacement. Manifold’s reform agenda was partly informed by external consultants and aimed to ensure greater independence among board members. His abrupt removal after just eight months as chairman has raised questions from investors about the decision, with some suggesting a lack of transparency or fairness.
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Topics: Albert Manifold BP Dame Amanda Blanc executive dismissal governance reform