Ethical is a Petrofac value.
As a key stakeholder and a significant player in the industries and countries in which we operate, we recognise the responsibility and opportunity we have to enable and embody ethical behaviours. We take this commitment seriously, and continue to look for new ways to keep it embedded in our culture.
|Launch and roll-out of the revised Code of Conduct||The launch of the Code of Conduct was delayed until January 2020 to allow for the Board to attend the launch webcast||Launch and roll-out the revised Code of Conduct, and seek to further embed it in the culture of the Group|
|We will continue to invest in and enhance the Group compliance function||We recruited several new roles, and continued to enhance the function||We will continue to invest in and enhance the Group compliance function|
|Further enhance the due diligence process and complete Risk Committee screening reviews of all high-risk relationships||Due diligence processes were enhanced, including the implementation of an online screening system to identify high‑risk relationships||- Focus on Trade Compliance management
- Continue to enhance and optimise the due diligence process
- Progress with training plans, including mandatory e-learning on the revised Code of Conduct, in addition to new training on the reporting of allegations
|Expand project compliance monitoring across all new projects||Compliance monitoring was expanded across all new projects||Compliance monitoring will continue to cover all new projects|
We continue to increase the scope and reach of our compliance programme, and strengthen the governance that surrounds our approach to ethical business practices.
In 2019 under the direction of our new Sharjah-based Chief Compliance Officer, we continued to invest in and enhance our compliance function. We made several new appointments, including a new Compliance Manager, a new Compliance Risk Manager and two new Investigators, and provided additional training for our Due Diligence Managers. Further investments are envisaged for 2020.
We always strive to do the right thing and encourage the right behaviours in all our employees and those who are involved with Petrofac.
Our values are integrated into everything we do and we highlight their importance to employees at each stage of their Petrofac career. This enables everyone to understand what is expected of them, the behaviours we value and the contribution they have to make towards the success of their teams.
Our ethical value states that we are all expected to do the right thing for our clients, employees, communities and the environments in which we operate.
With the strengthening of the compliance function, we revisited the ongoing review of our Code of Conduct, with a view to making it simpler to understand, linking it to the full range Petrofac policies, standards and processes, and using it as a tool to guide and inform the way that decisions are made across the business. It rests on three guiding principles:
Communicating more actively on our ethical agenda
Working with our business teams to ensure they understand and have the opportunity to engage with the development of our ethical agenda is important to our success. On this basis, senior members of the governance team regularly make presentations and conduct training sessions in a wide variety of settings. Examples include our annual leadership conference, employee town halls and input to the Petrofac Academy training programmes.
The importance of Ethics as a value is also demonstrated through our internal EVE Awards programme.
It governs how we work and sets out our expectations of everyone who works for and with Petrofac