Compliance and Ethics

Role of the committee

The role of the committee is to:

  • Maintain direct oversight over key compliance and ethical risks and monitor the adequacy and effectiveness of controls in place and any mitigation activities.
  • Evaluate the compliance and ethical aspects of Company culture and make recommendations to the Board on steps to be taken to ensure a culture of integrity and honesty in the Company’s business dealings.
  • Ensure that ethical policies and practices are subject to an appropriate level of independent internal security.
  • Maintain oversight of the Group Compliance function.
  • Support the Company in any engagement with regulatory bodies, industry group, advisors and other stakeholders, as necessary and where permitted by law, regarding ethical issues and compliance matters
  • Oversee, review and approve the adequacy and security of the Company’s whistleblowing line as a tool available for employees and third-parties to raise concerns, in confidence, about possible wrongdoing.
  • Oversee the development of, and amendments to, the Group Compliance Charter, the Code of Conduct and other compliance policies
  • Maintain oversight of the Group Compliance function
  • Support the Company in any engagement with regulatory bodies, industry group, advisors and other stakeholders, as necessary and where permitted by law, regarding ethical issues and compliance matters
  • Oversee, review and approve the adequacy and security of the Company’s whistleblowing line, Speak Up, as a tool available for employees and third-parties to raise concerns, in confidence, about possible wrongdoing.
  • Receive reports and review findings of significant internal and external compliance related investigations, audits and reviews; and exercise oversight, where possible, over any such investigation impacting the Group.

Terms of reference

Download the Compliance and Ethics Committee Terms of Reference

Activities

The Compliance and Ethics Committee met five times during 2018.

Having been established during the second half of 2017, the Committee took a very active approach during 2018, endeavouring to fulfil its duties to oversee the implementation of the principles and rules relating to compliance and ethics.

The Committee plays an important role in assisting the Board in fulfilling its oversight responsibilities and there has been a considerable emphasis on driving enhancements in many aspects of ethical compliance. The Committee is also keen to promote Petrofac’s commitment to compliance and ethical matters to all stakeholders.

The Committee, together with the Board and leadership team, have worked to promote the importance of, and the Company’s commitment to, its compliance and ethical programme and accordingly drive the compliance agenda across the Group.

Read George Pierson's Compliance and Ethics Committee Report.

The Board’s belief remains that the only way the Group can continue to have a licence to operate is by applying sound and ethical business practices wherever it works.

George Pierson, Chairman of the Compliance and Ethics Committee