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.
The Remuneration Committee’s Annual Report outlines how the Remuneration Policy was implemented in 2017 and is intended to apply in 2018. The report will be subject to an advisory vote at the 2018 Annual General Meeting (AGM).
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.
The Directors' Remuneration Policy was approved at the 2017 AGM and is available in the 2016 Annual Report and Accounts.
Shareholding requirements and the number of shares held by Directors can be found in the Directors' Remuneration report.
Our Remuneration Committee receives independent advice on executive remuneration matters from Deloitte LLP.
Read more about our remuneration consultants in the Directors' Remuneration report.