(FT) -- BP's board will tighten its oversight of the company's day-to-day operations in the wake of the Gulf of Mexico oil spill, its chairman has said in his first big interview since the accident.
Carl-Henric Svanberg, appointed chairman in January, said he did not consider resigning following the oil spill in April, in spite of criticism from some investors for not taking a more public role at the height of the crisis.
He said he had formed an early impression, "coming from the outside . . . how much was delegated to the executive" at BP.
"One of the key changes after the tragedy is that this is a time when logically you can review that delegation," he told the Financial Times. "We will have a higher degree of disclosure and a higher degree of discussion going forward than we have seen in the past between the executive and the board."
BP's executive team was seen as extremely powerful within the organisation, according to other industry executives. Shareholders also believe the company needed to strengthen the board in the wake of the disaster.
"If the view is that [former chief executive] Tony [Hayward] has borne the responsibility that the safety culture had not improved sufficiently, then the board was perhaps not probing enough and further change is probably still required," one UK investor in BP said.
Mr Svanberg said he and Bob Dudley, who took over as chief executive from Mr Hayward in October, were "eager to see if the board can be even more effective".
"We need to ensure that the checks and balances remain good with strong oversight and disclosure, particularly in safety," he said.
Mr Svanberg has appointed two new non-executive directors in recent weeks, Brendan Nelson and Frank L. "Skip" Bowman. Mr Nelson will succeed Douglas Flint as chairman of BP's audit committee when Mr Flint retires next year. Mr Bowman will replace DeAnne Julius, who is due to step down next year as well. BP is looking for one or two additional directors. Byron Grote, its long-serving finance director, has agreed to stay on "for a little bit longer", Mr Svanberg said.
The accident on April 20 has battered BP's reputation. One of Mr Svanberg's few moments of public exposure was an unfortunate gaffe when he said "we care about the small people" following a deal to set up a $20bn compensation fund.
Mr Svanberg defended his mostly behind-the-scenes role, saying having two spokesmen would not have helped resolve the crisis.
The focus of the board is now on "rebuilding trust and safeguarding our licence to operate -- that is what this is all about", he said.
Source: CNN
www.cnn.com
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