Meetings and matters discussed

There are a number of topics for which we believe all boards should take responsibility and these are defined as Matters reserved for the Board. In 2016, we focused our attention on a number of strategic priorities which are illustrated below and described in more detail in our Governance report.

 

Attendance

The Board meets face-to-face at least six times a year at scheduled meetings, held over a two-day period. Petrofac Limited was incorporated in Jersey and at least half of our regular Board meetings take place there.

As well as these six meetings, the Board has an annual programme of meetings and events, which includes site visits, dedicated strategy days and conference calls. The Board is given the opportunity to meet with employees, customers, suppliers and partners. Members of management are invited to present at certain meetings. All of these meetings help Directors to understand the Company in greater depth. During 2016, the Non-executive Directors also met a group of graduates at the Petrofac Academy in Sharjah.

More details are available about Board Meetings and attendance in our Governance report.

Board culture

Directors are encouraged to be open and forthright in their approach, with active debate encouraged during Board meetings before any decisions are taken. We believe this boardroom culture helps to forge strong and open working relationships while enabling our Directors to engage fully with the Company and allowing them to make their best possible contribution.

The relationships between the Chairman and the Group Chief Executive and the Senior Independent Director are particularly important, as they represent the views of the management and the Non-executive Directors, respectively. A number of meetings are held to ensure the Board meetings are effective.

  • The Chairman and the Group Chief Executive meet regularly, both before and after scheduled Board meetings
  • The Chairman and the Senior Independent Director maintain regular contact between scheduled Board meetings
  • Time is also set aside at each meeting for the Chairman to meet with the Non-executive Directors without the presence of management

These meetings ensure that the Chairman is fully informed about the views of both management and Non-executive Directors. This helps him to set Board meeting agendas, and to ensure that all Directors contribute through their individual and collective experiences.

We have worked hard to ensure that the Board has the right balance of skills, diversity and industry experience, and our Non-executive Directors are encouraged to share their skills and experience to support management and to provide constructive challenge.

Site visits

Every year our Board visits a Petrofac site to help gain a deeper understanding of our operations

Board visit_Aberdeen_270x160.jpg