{"text":[[{"start":7.05,"text":"Several large BP shareholders have criticised Albert Manifold’s claim to be a “passionate advocate of shareholders’ rights”, alleging that the ousted chair was “challenging” and was difficult to secure a meeting with."}],[{"start":18.9,"text":"Manifold was removed from his role as chair of the oil major this week following what BP alleged were “serious concerns” over his behaviour, which people close to the company have described as “bullying”."}],[{"start":29.75,"text":"The former chair on Thursday described the allegations as “lies”, arguing that he had been tasked with improving BP’s stuttering performance and dealing with issues that “could have impacted shareholders’ interests”."}],[{"start":40.75,"text":"The Irish businessman added that throughout his career he had maintained “a relentless focus on simply making businesses better” and had been a “passionate advocate of shareholders’ rights”. "}],[{"start":50.85,"text":"But several shareholders told the FT that during Manifold’s time as BP chair he was reluctant to interact with them, making it hard to secure a meeting or only agreeing to video calls. "}],[{"start":61.95,"text":"One shareholder said they had been requesting a meeting with Manifold since shortly after he started in the role of chair on October 1. "}],[{"start":69.9,"text":"“We’ve had a good track record of interacting with CEOs and chairs at the organisation there, but it was harder getting a meeting with Albert,” the shareholder said."}],[{"start":79.45,"text":"“We understand this experience is consistent with other investors as well,” the shareholder added, saying Manifold was viewed as “challenging to interact with”."}],[{"start":89.8,"text":"A person at one leading BP shareholder said a colleague who had met Manifold during his time as chair had described him as “condescending” and “arrogant”."}],[{"start":99.6,"text":"A spokesperson for Manifold disputed the claims, saying he had “met every shareholder who requested a meeting and made a point of meeting the company’s most demanding investors personally and regularly”. "}],[{"start":110.69999999999999,"text":"“Every meeting was arranged through the company’s investor relations function or in conjunction with his personal assistant,” the spokesperson added. "}],[{"start":118.14999999999999,"text":"“Any decision to move meetings online was made by investor relations or the company secretary — not at Mr Manifold’s request nor with his instigation.”"}],[{"start":128.39999999999998,"text":"BP’s shares rose about 29 per cent during Manifold’s short stint as chair, as he tried to pivot the company back to focusing on oil and gas after a stuttering foray into renewables. He played a key role in helping appoint a new CEO, former ExxonMobil executive Meg O’Neill."}],[{"start":147.34999999999997,"text":"While the share price rise was partly down to gains in oil and gas prices during the Iran war, BP’s performance in recent months has outstripped peers including Shell after previously languishing. "}],[{"start":159.54999999999995,"text":"A second investor said that Manifold “didn’t want to speak to shareholders unless it was worth his time”. "}],[{"start":165.99999999999994,"text":"They added that before BP’s annual meeting in April: “We were finding [the company] very difficult to get hold of, we were finding it hard to get answers. We voted against him as chair.” "}],[{"start":176.79999999999995,"text":"Manifold said on Thursday that he had spent only 13 days in BP’s London head office in 2026, as he rejected an allegation that has emerged since his departure that he had been trying to act like an executive chair rather than fulfilling the non-executive role to which he was appointed. "}],[{"start":195.69999999999996,"text":"The ousted chair, who turned Dublin-based building supplies company CRH into a New York-listed titan during more than a decade at its helm, said the claim was “nonsense”."}],[{"start":205.59999999999997,"text":"Manifold also said in a statement on Thursday that he had sought to improve the “efficiency and effectiveness” of the board and how it spent its time."}],[{"start":213.94999999999996,"text":"One shareholder defended Manifold, saying he had found him “punchy and direct” in two online meetings."}],[{"start":221.59999999999997,"text":"“He was to the point, which is exactly the character they were after hiring in the chair role,” the shareholder said. “They wanted a man of action and got on with stuff and didn’t mess around.”"}],[{"start":232.34999999999997,"text":"Another shareholder complained, however, that during video calls Manifold would often defer questions and answers to the company secretary, Ben Mathews."}],[{"start":241.79999999999995,"text":"The FT reported on Thursday that Mathews and Manifold had clashed before the latter’s departure, and that the company secretary had concerns about the chair’s conduct."}],[{"start":250.69999999999996,"text":"People close to Manifold have alleged Mathews was a driving force behind the BP board’s decision to oust him. Mathews and BP have declined to comment on the allegation or on the fact that the company secretary is taking some time off work."}],[{"start":264.9,"text":"BP’s interim chair Ian Tyler said on Thursday: “As we have made clear, our former chair was removed as a result of unacceptable conduct. We have a duty of care to protect all our employees and as such we will never comment on specific people or situations.”"}],[{"start":281.45,"text":"Manifold’s spokesperson said that “technical questions” stemming from investor meetings “were handled by the most appropriate people as is standard practice in any large organisation”."}],[{"start":291.84999999999997,"text":"“The relevant people present at investor meetings alongside Mr Manifold were always the head of IR or the company secretary,” they added."}],[{"start":301.04999999999995,"text":"One shareholder said that investor concerns about Manifold had become heightened around BP’s AGM in April, partly due to a resolution to hold shareholder meetings virtually rather than in person, which ultimately did not pass."}],[{"start":315.24999999999994,"text":"At the meeting 18 per cent of shareholders had voted against Manifold’s appointment."}],[{"start":320.1499999999999,"text":"“Our reading of the situation was that Albert was coming in and pushing back on areas where shareholders may have — what he might consider — an undue level of influence,” the shareholder said."}],[{"start":330.5499999999999,"text":"BP did not respond to a request for comment."}],[{"start":340.8499999999999,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780050293_9589.mp3"}