BP tightens workplace relationship rules following CEO dismissal
Published on: Jun 14, 2024
Employees who fail to comply with these new regulations may face disciplinary actions.
BP has implemented stricter rules on workplace relationships following the dismissal of its former CEO, Bernard Looney, for not disclosing personal relationships with colleagues. Senior managers are now required to report any intimate relationships with colleagues from the past three years, reports BBC.
Employees who fail to comply with these new regulations may face disciplinary actions. BP stated that this update to its conflict of interest policy was planned for review this year. Approximately 4,500 managerial staff have been asked to submit reports within the next three months, regardless of whether they believe these relationships represent a conflict of interest.
The policy change follows the dismissal of Bernard Looney in December 2023 after an investigation revealed "serious misconduct" due to his failure to disclose workplace relationships. He was dismissed without notice and forfeited millions of pounds in share allowances and bonuses. BP found that Looney had provided "inaccurate and incomplete assurances" during a 2022 investigation into his relationships.
On Monday, BP announced the updated conflict of interest policy, influenced by practices in comparable organizations and industry standards. Previously, employees only needed to disclose family or intimate relationships if they believed a conflict of interest might arise.
The new policy, effective from the beginning of June, underscores the impact leaders have within the company. Rachel Suff, a wellbeing and employee relations adviser at the Chartered Institute of Personnel and Development (CIPD), noted that formal relationship policies are more common in the US than in the UK.
