BP (NYSE:BP) May Eliminate Oversight Board

In what some view as a move which has a lot of risk for BP (NYSE:BP), they're reportedly contemplating getting rid of a safety oversight board created after the explosion at a Texas refinery in 2005.

The board is basically developed to allow concerns over safety related to BP to be reported to a third party, i.e., for whistle-blowers.

After the incident in the Gulf of Mexico, BP created an internal safety board, which evidently they appear to want to be the focus of concerns and investigations, rather than the prior board.

The first board allowed contractors and/or employees to raise concerns, most of which concerned the pipeline oil spill in Alaska in 2006.