|
Two major investors in Aviva PLC plan to ask Chief Executive Amanda Blanc about the amount of time she is devoting to the leadership crisis at oil major BP PLC, where she is a senior independent director, the Times on Monday said. Blanc, who was appointed CEO of insurer Aviva in July 2020, took a prominent role in the removal of BP Chair Albert Manifold last month, and is now spearheading the search for his successor, the Times noted. Two ‘leading’ fund management firms with stakes in Aviva told the Times they planned to ask Blanc about the time she is devoting to BP when they next speak to her. A top investor at one of the firms told the Times: ‘This is definitely going onto the next agenda’. ‘There’s a cautionary tale in here isn’t there about taking non-exec positions,’ they said. ‘It’s all fine when it’s a few interesting meetings a year until it’s not’ and then ‘suddenly you’re being asked to do a lot more’. The fund manager added: ‘I suspect this is probably more than Amanda had bargained for’ and that ‘part of the issue here is that [Manifold is] not going quietly’. The report noted Manifold has hired law firm Mishcon de Reya to represent him. BP sacked Manifold citing ‘serious concerns’ that were raised to the board ‘related to important governance standards, oversight and conduct.’ At the time, Blanc said the board had been ‘surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.’ Manifold said he accepted the board’s decision to remove him, but added: ‘What I do not accept is that lies can be told about me, nor that anyone should be allowed to hide behind anonymity when commenting on my time at BP.’ Media reports following his removal cited sources close to the company who said Manifold had engaged in bullying and aggressive behaviour towards other staff. ‘There is a considerable distance between driving an organisation with urgency and the characterisation of my conduct that is now being put about,’ Manifold said. Shares in Aviva were up 0.5% at 630.60 pence each in London on Monday. BP traded 3.8% lower at 514.00p. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
