Page last updated at 14:59 GMT, Wednesday, 1 April 2009 15:59 UK

Ex-RBS chairman quits BP's board

Sir Tom McKillop

Sir Tom McKillop, the former Royal Bank of Scotland chairman, has resigned from the board of oil giant BP.

He had been due to go forward for re-election at BP's annual meeting later this month.

Sir Tom has been embroiled in a row over the £703,000 pension of former RBS chief executive Sir Fred Goodwin.

BP chairman Peter Sutherland said it was a matter of great regret that Sir Tom had chosen to retire. He added that he was an "outstanding director".

Reports said that some shareholders would have voted against Sir Tom's re-election as non-executive director.

He has been criticised for not reining in Sir Fred during his tenure at RBS, which has now been bailed out by the government.

"I have hugely enjoyed being on the BP board, but I feel this is an appropriate step for me to take at this time," Sir Tom said.



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SEE ALSO
McKillop: No RBS pension 'ruse'
31 Mar 09 |  Business
Goodwin's pension hits 703,000
03 Mar 09 |  Business
Profile: Sir Fred Goodwin
26 Feb 09 |  Business
History: Royal Bank of Scotland
26 Feb 09 |  Scotland

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