In an emailed statement to CNBC, Manifold said he’d been removed from his post “without warning and without explanation” and that he disputes “entirely the characterisation” of his conduct.<\/p>\n
His comments come after BP’s board on Tuesday announced<\/a> the removal of Manifold due to “serious concerns” relating to governance standards, oversight and conduct. <\/p>\n Amanda Blanc, senior independent director at BP, thanked Manifold’s contribution to BP’s ongoing transformation but said the board had been “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable.” <\/p>\n Multiple media outlets reported Manifold had acted aggressively with different colleagues during his brief tenure at the company, citing anonymous sources. <\/p>\n Manifold, the former boss of Irish building materials giant CRH, had only been in post for around seven months, and his dismissal has once again raised questions about BP’s corporate governance.<\/p>\n Stock Chart IconStock chart icon London-listed shares of BP over the last six months. <\/p>\n “During my time as chairman I worked to drive genuine change at BP – cutting costs, challenging excess, and holding the organisation to higher standards,” Manifold said.<\/p>\n “I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged,” he added.<\/p>\n A BP spokesperson referred CNBC to its statement published Tuesday when asked to respond to Manifold’s comments.<\/p>\n London-listed shares of BP traded 1.4% lower on Wednesday morning, extending losses after having closed off by 4% in the previous session.<\/p>\n Surprise departure<\/p>\n Just last month, Manifold suffered a major rebellion<\/a> from shareholders at BP’s annual general meeting.<\/p>\n A majority of 81.8% of shareholders voted in favor of electing Manifold as BP chair following a contentious decision to block a proposal put forward by Dutch activist group Follow This.<\/p>\n Board members require 50% of the vote to be elected, and they typically receive close to 100% support.<\/p>\n Some activist investors had said that even a 5% vote against Manifold would have marked a severe reprimand, particularly after a historic 24% vote against outgoing chair Helge Lund last year.<\/p>\n “All of the board’s decisions relating to the resolutions at this year’s AGM were made in good conscience, made with an aim to build a more valuable BP for our shareholders,” Manifold said in a statement at the time. <\/p>\n The announcement of Manifold’s departure from BP came as a surprise to many analysts and investors, with the company currently in the midst of a fundamental strategic reset. BP is pivoting back to oil and gas and away from renewables. <\/p>\n Former Woodside Energy boss Meg O’Neill is leading this transformation, having taken the reins as CEO at the start of April. <\/p>\n O’Neill described assuming the role as “a privilege and an honour” when the oil major reported that first-quarter profits more than doubled<\/a> from a year ago, following a surge in oil and gas prices driven by the Middle East conflict.<\/p>\n Climate group ACCR has called on BP’s board to provide “a full and transparent account” of exactly what led to Manifold’s dismissal, while Follow This said the new chair must bring “real expertise” in governance, climate risk and transition risk.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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