BP Tightens Workplace Relationship Rules After CEO Firing: Report

BP p.l.c. BP reportedly updated its policy, requiring employees to disclose intimate relationships with colleagues or risk termination.

This change follows the dismissal of former CEO Bernard Looney for failing to make such disclosures, reported Reuters.

As per the memo, the updated policy “prohibits employees from directly or indirectly managing relatives or those with whom they’re in an intimate relationship.”

The company stated that employees will face disciplinary action, including potential dismissal, for failing to comply with the new requirements.

Moreover, thousands of senior leaders are required to declare any intimate relationships with employees or agency workers from the past three years. Managers have been given a three-month grace period, ending on September 1, to make these declarations.

The updated conflicts of interest policy, which was emailed to staff last week, underscores the ongoing impact of Looney’s sudden departure from the company last September.

As per the report, BP concluded its investigation into Looney’s conduct earlier this year with the assistance of law firm Freshfields but has not disclosed its findings or conclusions.

BP commented that, “The board has looked at the details and is making sure that themes and lessons are taken into consideration and adopted appropriately.” 

Investors can gain exposure to the stock via Direxion Hydrogen ETF (ARCA: HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX).

Also Read: Lifting The Veil? US Reportedly Authorizes BP & Trinidad’s NGC To Tap Gas Reserves With Venezuela

Price Action: BP shares are up 0.77% at $35.53 premarket at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.