THE FORMER BOSS of oil giant BP has been denied a £32.4 million (€37.5 million) payout after the firm found he committed “serious misconduct”.

Bernard Looney resigned from the company in September after failing to be “fully transparent” in disclosures about past relationships with colleagues.

BP said today the company sought assurances from Looney in 2022 about these relationships but has now concluded these were “inaccurate and incomplete”.

“Mr Looney knowingly misled the board,” the oil firm said.

“The board has determined that this amounts to serious misconduct.”

As a result, it said £32.4 million worth of salary, pension, bonus payments and shares have been forfeited.

This covered further salary and benefits from the date of his dismissal, as well as an annual bonus for the 2023 financial year, BP said.

The majority of his forfeited pay package was almost £25 million (€28.9 million) of unvested share awards linked to performance.

It will also “claw back” some cash already paid to Looney, including 50% of the cash bonus paid to him for the 2022 financial year.

BP said this reflected “the decision by the board that Looney should not retain any variable pay relating to service following the date of the misleading assurances”.

Chief financial officer Murray Auchincloss has been acting as interim chief executive while the investigations took place and the firm launched a search for a new boss.