Ethics

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.

Performance and priorities

2019
priorities

2019
performance 

2020
priorities

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.

Investing in our compliance function

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.


 

 


Instilling ethical behaviours

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.

Code of Conduct

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:

  1. Own – emphasising that our ethical integrity is the responsibility of every Petrofac employee and
    business partner
  2. Discuss – encouraging open and frank discussion of any issues or uncertainties with, for example, colleagues, management, Human Resources, the Compliance Team, and Internal Audit
  3. Record – insisting that the business keeps accurate and complete records of all its dealings, to demonstrate why and how decisions are made

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.

More about ethics at Petrofac

Code of Conduct

Our Code of Conduct is founded on our values

It governs how we work and sets out our expectations of everyone who works for and with Petrofac