This paper critically examines the systemic flaws in regulation and corporate accountability that predisposed the BP oil spill in the Outer Continental Shelf of the Gulf of Mexico that occurred on 20 April 2010, resulting in one of the worst offshore oil spills in US history. It discusses the compromised and sometimes corrupted regulation of the US oil and gas industry as being overseen by a flawed regulatory structure or regulatory capitalism. An examination of BP Annual Reports 2004 to 2009 and Sustainability Reviews indicate greenwash by a company caught up in scandals and the dirty business of oil exploration and extraction. We conclude that the problem with BP’s system of internal controls by various corporate governance sub-committees to monitor safety, health and the environment, is self regulation by a few directors with little transparency or critical review of the processes.
|Title of host publication||Proceedings of the EAA 24th Annual Congress|
|Editors||A Riccaboni, G Fiori|
|Place of Publication||Belgium|
|Number of pages||29|
|Publication status||Published - 2011|
|Event||Annual Congress of the European Accounting Association - Rome, Italy|
Duration: 20 Apr 2011 → 22 Apr 2011
Conference number: 34th
|Conference||Annual Congress of the European Accounting Association|
|Abbreviated title||EAA 2011|
|Period||20/04/11 → 22/04/11|
Windsor, C., & McNicholas, P. (2011). BP greenwash spoiled by Gulf oil spill: A critical analysis of US compromised regulation and BP's governance that predisposed the oil spill. In A. Riccaboni, & G. Fiori (Eds.), Proceedings of the EAA 24th Annual Congress (pp. 1-29). EAA.