Corporate governance priorities

As a Board, a key priority is to continue to strive to do what is best for our Company, our employees, our clients, and our shareholders.

Our 2018 objectives and highlights included:

  • Strategy execution: provided leadership and guidance to support the Company’s strategic priorities, with focus given to driving the delivery of our operational excellence programme
  • Compliance and risk management: continued to further enhance procedures throughout the organisation, to ensure the Company’s internal controls processes were fully embedded and clearly understood
  • Succession planning: a new organisational structure was put in place during the year to provide greater oversight. These changes were managed effectively to preserve core capabilities while attracting new talent, thereby implementing the strategic agenda while positioning the business for longer-term growth
  • Project delivery: this remained a significant area of focus to ensure the execution strategy could enable the Company to secure new awards, while reaching commercial settlements on outstanding projects, thereby reducing net debt
  • Stakeholder engagement: with investors and other stakeholders followed the Chairman’s appointment, to identify any potential concerns.

In 2019, our priorities will be:

  • Continued execution of the Company’s strategic aims and priorities
  • Consideration of how the Group’s values and culture are embedded
  • Continued focus on safety, with regular reviews of ongoing safety activities
  • Implementation of the digital agenda
  • Continued monitoring of financial and operational performance
  • Renewed focus on cyber-security
  • Overseeing the continued development of the internal control and compliance environment
  • Continued stakeholder engagement, including the implementation of the new Workforce Forum
  • Application of the new UK Code requirements and a continued review of the developments and changes to the corporate governance landscape
  • Consideration of the implications, if any, of the United Kingdom’s exit from the European Union (Brexit) on the Group’s activities

Rene Medori Petrofac Chairman

René Médori, 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