We continue to increase the scope and reach of our compliance programme, and strengthen the governance that surrounds our approach to ethical business practices.
Investing in our compliance function
2018 marked a year of considerable investment and change in the compliance function. In January we appointed a new Group General Counsel and, in December, he was joined by a new Chief Compliance Officer. Both are based in our Sharjah office from where they work closely with the management teams of each of our business units in addressing governance and ethical issues and challenges. We anticipate further additions to this team during 2019 as we continue to invest in this critical aspect of our business.
Throughout 2018, working in conjunction with the Internal Audit team, we tested the effectiveness of our compliance processes. Where opportunities for improvement were identified, we acted on them. Achievements during the year included:
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:
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. In 2018 81 notifications were made to the Speak Up system, representing a 21% decrease on 2017.
Meanwhile, we were encouraged to see an increase in the number of issues raised informally and on a non-confidential basis with our governance team. This suggests to us that our people have an increased awareness of the importance we place on these issues, and believe that their discussions will be dealt with in a non-retaliatory manner.
Communicating more actively on our ethical agenda
Working with our business teams to ensure they understand and have the opportunity to engage with the development of our ethical agenda is important to our success. On this basis, senior members of the governance team regularly make presentations and conduct training sessions in a wide variety of settings. Examples include our annual leadership conference, employee town halls and input to the Petrofac Academy training programmes.
The importance of Ethics as a value is also demonstrated through our internal EVE Awards programme.
It governs how we work and sets out our expectations of everyone who works for and with Petrofac