Ethics

We aspire to be an ethical company. We make all our employees and partners aware of our commitment towards this goal and ensure they know and practice the behaviours we expect of them.

Continuous enhancement of our compliance policies and processes

Across all sectors, there is an increasing requirement for organisations to demonstrate the strength of their compliance programmes and their commitment to ethical business practices.

In 2017, we reviewed our compliance programme to enhance its effectiveness and ensure that we continue to identify any compliance related risks which might affect the business and mitigating them in a timely and comprehensive manner. Achievements during the year included: 

  • Creation of a Compliance Charter
  • Formation of the Compliance and Ethics Committee, comprised solely of Non-Executive Directors, thus ensuring independent oversight of Petrofac’s compliance programme
  • Formation of the Third-Party Risk Committee, tasked with reviewing all third-parties which might represent a reputational risk to Petrofac
  • A review of our policies and guidelines, including those regarding gifts and entertainment and conflicts of interest
  • Broader enforcement of our risk-based vetting of third-parties, providing guidance on the process and working with other parts of the organisation and third-parties wishing to do business with us to ensure compliance

Instilling ethical behaviours

We always strive to do the right thing and encourage the right behaviours in all our employees and those who are involved with Petrofac.

Our values are integrated into everything we do and we highlight their importance to employees at each stage of their Petrofac career. This enables everyone to understand what is expected of them, the behaviours we value and the contribution they have to make towards the success of their teams.

Our ethical value states that we are all expected to do the right thing for our clients, employees, communities and the environments in which we operate.

Code of Conduct

Our training on ethical behaviour is centred on our Code of Conduct. Through training and communication we make it clear that we expect everyone who works with and for us to follow and uphold the Code, exercising good judgement and common sense in all their actions and business dealings.

Our Code covers areas such as:

  • Bribery and corruption
  • Bullying and harassment
  • Conflicts of interest
  • Employee share dealing
  • Equal opportunities
  • Health and safety
  • Interacting with communities
  • Political activities
  • Whistleblowing

If any person who works with or for Petrofac has a concern that the Code might have been breached, we encourage them to seek advice from line managers or their supervisor, Human Resources, Legal and/or Compliance, or to raise their concerns through our confidential and independently managed whistleblowing helpline, Speak Up. All allegations of possible breaches to the Code will be investigated and we enforce a non-retaliatory policy to those who raise an issue in good faith.

 

Code of Conduct

Our Code of Conduct is founded on our values

It governs how we work and sets out our expectations of everyone who works for and with Petrofac