By Ross Kerber, U.S. Sustainable Business Correspondent
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I named a chat group with my friends "Lots of Niceness" as a goal for conduct even if it's not always reached. It looks like BP's leadership also could have followed that model, as this week's main story conveys.
Below you'll also find links to our coverage of a new Ferrari EV, and the latest battles between a top proxy advisor and its Republican Party critics.
Please follow me on LinkedIn and/or Bluesky. You can reach me via ross.kerber@thomsonreuters.com.
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A section of the BP Eastern Trough Area Project oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland February 24, 2014. REUTERS/Andy Buchanan/pool
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BP's "defeat from the jaws of victory" |
Aggressive conduct by BP board Chair Albert Manifold led to his quick removal, the oil major's board said on Tuesday.
"The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, senior independent director at BP, said in a statement published by the company.
Reading over our coverage, it's clear the board felt it had to act quickly. Board members probably also expected a hit from the market. Shares fell nearly 10% at one point on Monday. Trade Nation analyst David Morrison called it "just one of those bad things that keep happening to BP."
Adds Lindsey Stewart of Morningstar: "At this point it's fair to say BP has the most volatile boardroom of the oil supermajors." Not a distinction anyone wants.
Our main story is available via the button below, and I'd also encourage you to read Ron Bousso's take on how "BP’s board snatches defeat from the jaws of victory."
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Ferrari's first fully electric car "Luce" in this handout image obtained by Reuters May 25, 2026, after the luxury sports car maker unveiled the model. Ferrari/Handout via REUTERS
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- Gambling that young buyers care more about tech and AI than huge fossil-fuel engines, Ferrari rolled out its first fully electric car. The four-door, five-seat $640,000 "Luce" model is named for the Italian word for "light" and will ship later this year.
- Backlash against a "Tank Day" tumbler marketing campaign by Starbucks' South Korean affiliate, recalling a brutal 1980 military crackdown, led to a significant sales drop.
- Liberal-leaning groups including the Consumer Federation of America and Americans for Financial Reform criticized rocket and communications company SpaceX for including "forced arbitration" rules into its pending IPO.
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- Republican-led Texas, West Virginia, Nebraska and Iowa claimed Institutional Shareholder Services worked too closely with activist groups, the latest legal challenges against the leading proxy advisor. ISS said the allegations lack merit. "ISS’ job is to provide sophisticated institutional investor clients with independent, timely, and expert research and vote recommendations," an ISS spokesman said.
- Separately, ISS and rival Glass Lewis face a Texas State Senate hearing on June 23 on their recommendations against companies redomesticating to Texas for reasons "not based on financial returns," according to State Sen. Bryan Hughes, chair of the committee on state affairs. ISS declined to comment.
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