Corporate governance priorities

As a company, Petrofac is facing challenging times, but it remains a key priority for the Board to continue to strive to do what is best for our Company, our clients and our shareholders.

Our 2017 objectives and highlights included:

  • Strategy execution: overseeing the continued strategic development of the company
  • Project delivery: continuing to implement lessons learned from previous projects across the Group
  • Succession planning: to ensure that Board and senior management changes were managed effectively, retaining knowledge and continuity while attracting new talent
  • Compliance and risk management: ensuring that robust internal controls are in place
  • Stakeholder engagement: to explain corporate changes, understand their views, and discuss any areas of concern

In 2018, our priorities will be:

  • Strategy execution: providing leadership and guidance to support the Company’s strategic priorities, with the focus on driving operational delivery
  • Compliance and risk management: remain a significant area of focus for the Board as enhanced processes and procedures are embedded throughout the Group, ensuring adherence to robust internal controls
  • Succession planning: focus on ensuring any changes are managed so that core capabilities are preserved, thereby positioning the business for longer-term growth
  • Project delivery and execution: we will continue to focus on flawless execution to secure new awards and reach commercial settlements, in order to protect net margins and reduce net debt
  • Stakeholder engagement: we encourage open engagement with stakeholders, to understand views and clarify and explain any potential changes

Rijnhard van Tets

Rijnhard van Tets, Non-executive Chairman 

Governance Report

Our governance framework enables the Board to provide effective stewardship of the Company. Find out more in our Corporate Governance report

Committees

Our Board is assisted by four committees - the Audit, Compliance and Ethics, Nominations and Remuneration committees