Oil Giant BP Tightens Office Romance Rules After CEO Bernard Looney’s Scandalous Affairs

Oil Giant BP Tightens Office Romance Rules After CEO Bernard Looney’s Scandalous Affairs

After dismissing CEO Bernard Looney for not disclosing personal relationships at work, BP is ensuring it doesn’t face a similar issue again. According to Reuters, BP informed employees via email that they must now report all “familial and intimate relationships at work” or risk being dismissed, like Looney.To prevent a repeat of the Looney incident, BP has revised its code of conduct to prohibit employees from directly or indirectly managing relatives or those with whom they have an intimate relationship. A BP representative told Fortune that starting staff must disclose personal relationships, regardless of whether they believe it poses a conflict of interest. The spokesperson added that this policy is part of BP’s code of conduct, and non-compliance could lead to disciplinary action.

The memo BP employees received recently

The updated conflicts of interest policy, which was shared with the staff via email, highlights the ongoing impact of Looney’s sudden departure from the company. As per the memo, the employees are not allowed to manage relatives or intimate partners directly or indirectly. As per the London-listed company, the employees will have to face disciplinary consequences, which include potential dismissal for failing to not follow the new rules. Moreover, according to the new update policy, which is part of the code of conduct of BP, thousands of senior officials are required to declare any intimate relationships with employees or agency workers occurring within the last 3 years.

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Looney’s affair and BP’s previous code of conduct

Seven months after Bernard Looney’s term as CEO of BP ended, the oil giant is still managing to deal with the fallout from his sudden departure. Last year in September, Looney resigned suddenly because, as per BP, ‘Looney was not fully transparent’ about his previous relationships with the colleagues. Looney allegedly failed to disclose his past relationships with other BP employees prior to an investigation into his conduct. Employees claim that his behaviour was widely known and discussed privately for years. Looney was also accused of promoting women with whom he had shared intimate relations before he became the CEO. In December, Looney was officially sacked and lost up to $40.6 million in pay, including part of his bonus, salary, and pension allowance, after the board of BP stated that his actions amounted to ‘serious misconduct’.

As per the previous code of conduct, BP employees were only required to disclose their past relationships if there was any chance it created a conflict of interest. After the scandal, the employees are now warned to disclose any relationships they have at work.

BP’s shares dropping since Looney’s departure

BP Board investigated similar allegations against Looney in May 2022, after which he had to leave the company. Shares of BP have fallen down by 11% since Looney’s departure, doing worse than competitors as the investors are worried about the company’s transition plans. Murray Auchincloss is the new CEO of BP, who started in January. The new CEO has promised to stabilise the company by promising higher returns. Before becoming a financial officer in 2020, disclose about his relationship with a BP employee.

About WR News Writer

WR News Writer is an engineer turned professionally trained writer who has a strong voice in her writing. She speaks on issues of migrant workers, human rights, and more.

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