Corporate governance
Petrofac is incorporated in Jersey and has a premium listing on the London Stock Exchange.
The Company is expected to meet the UK’s highest standards of regulation and corporate governance and is required by the UK Listing Authorities to adopt the UK Corporate Governance Code (‘UK Code’). A copy of the UK Code, which was published by the Financial Reporting Council (FRC) in 2010 can be found on the FRC website.
The Petrofac Board strongly believes that good corporate governance creates value but understands that good governance goes beyond adherence to a code and is about more than mere compliance. The fundamental value of good governance is that it seeks to ensure that a company is well run. As well as promoting challenge, accountability and transparency, it provides a framework that articulates a company’s goals and objectives and allows decisions to be taken by the right people at the right time. As a Jersey Company, our Board is unitary in nature. This means that all our Directors share equal responsibility for the decisions that we make. The Board is assisted by four committees: namely the Nominations, Audit, Board Risk and Remuneration Committees. Each committee is responsible for reviewing and overseeing activities within its particular terms of reference.
More information on corporate governance can be found in the 2011 Annual Report and Accounts.
* See also:
The Board’s response to the Davies Review on Boardroom Diversity
People at Petrofac
Petrofac Board
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| Nominations Committee | Audit Committee | Board Risk Committee | Remuneration Committee |
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Takes primary responsibility for succession planning, Board selection and composition * |
Monitors the integrity of the Company’s financial statements and reviews financial internal controls and management systems |
Oversees the Group’s risk management and internal control processes for non-financial matters |
Agrees the remuneration policy and sets individual compensation levels for members of senior management |
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