All remuneration matters regarding the Chairman, Executive Directors and key members of senior management are determined by the Remuneration Committee.  The full Board is responsible for setting the remuneration of Non-executive Directors, with the support of independent external advisors.

Highlights of the Remuneration Committee Chairman’s report are here.

The Remuneration Committee’s Annual Report outlines how the Remuneration Policy was implemented in 2016 and is intended to apply in 2017.  The report will be subject to an advisory vote at the 2017 Annual General Meeting (AGM).

The Directors’ Remuneration report for 2016 can be downloaded here.

Remuneration policy

Our Directors’ remuneration policy is designed in line with the philosophy and principles that underpin remuneration for the Petrofac Group as a whole. A significant proportion of Director pay is based on the delivery of stretching short and long-term performance targets, aligned with the creation of sustainable shareholder value.

The Remuneration Committee considers the level of remuneration to ensure any reward is appropriate in the context of the performance delivered and the value added for shareholders.

In 2016, the Committee reviewed the remuneration arrangements for Executive Directors. While the framework is fit for purpose, we will be proposing changes to reflect latest best practice. The Directors’ Remuneration Policy will be submitted for an advisory shareholder vote at the 2017 AGM.

The Directors' Remuneration Policy can be downloaded here. The Policy was subject to shareholder approval in May 2017. 

Directors’ shareholding

Shareholding requirements and the number of shares held by Directors can be found in the Directors’ Remuneration report.

Remuneration consultants

Our Remuneration Committee receives independent advice on executive remuneration matters from Deloitte LLP. 

Read more about our remuneration consultants in the Directors’ Remuneration report.

The bonus framework captures a wide variety of measures to ensure that bonuses cannot be earned without a fully evaluated set of achievements.