BP Ousted Chairman Met 5% Shareholder Elliott Without Direct Board Knowledge

Q: Amidst record profits, what 'unacceptable conduct' led to the sudden ousting of BP's chairman?

BP has not publicly specified a single act of “unacceptable conduct.” What it has disclosed is that Albert Manifold was removed over “serious concerns” about governance standards, oversight and conduct, and the wider evidence points to a breakdown in boardroom governance rather than an operational or financial issue. The clearest flashpoints were governance decisions that had already triggered a shareholder backlash. Investors and proxy advisers objected to BP’s exclusion of a climate-related shareholder resolution from the 2026 AGM, arguing it undermined transparency and shareholder rights. There was also strong opposition to BP’s attempt to allow virtual-only AGMs and to roll back previously approved climate-reporting commitments. Those moves were widely cited by major investors and advisers as signs of weaker board accountability. Manifold had already come under pressure at the AGM, where a notable minority voted against his re-election. That dissent reflected broader unease over BP’s governance approach, even as profits surged on higher oil prices and strong trading. So, based on the information available, the “unacceptable conduct” appears to refer to serious internal governance and oversight failings, with the most visible issues tied to shareholder-rights disputes, climate-resolution handling and board accountability. BP has not released fuller details, so any more specific allegation remains unconfirmed.

3 articles · Updated · Reuters · May 28

Less than eight months into the job, Albert Manifold held several meetings with activist investor Elliott Management without directly informing fellow BP directors, according to sources.
Those contacts were not the main trigger for his dismissal, but sources said they reinforced board concerns over unilateral behavior and came alongside complaints of bullying toward executive and junior staff.
BP had already cited governance and conduct issues when it removed Manifold this week, named Ian Tyler interim chairman and saw its shares fall about 5%.
Manifold says he was fired without warning, rejects what he called a "false narrative," and has hired Mishcon de Reya after BP's third abrupt senior leadership exit in three years.