09 August 2017
As part of the Company’s ongoing commitment to, and focus on, compliance and ethics, Petrofac today announces that it has established a new Compliance and Ethics Committee of the Board. This Committee will be responsible for overseeing the Company’s compliance and ethics programme, as well as the continued monitoring of the effectiveness of the Company’s Code of Conduct and other Petrofac policies and standards in relation to compliance and ethics. These include the Standard for the Prevention of Bribery and Corruption and the Ethical, Social and Regulatory Risk Policy.
The Committee will comprise three Non-executive Directors - George Pierson as Committee Chairman, Andrea Abt and Matthias Bichsel.
The Company has also appointed Edward Sparrow as senior external specialist to oversee the Company’s management of, and response to, the investigation by the UK Serious Fraud Office announced in May. Mr Sparrow is a partner in the international law firm, Ashurst LLP. He has considerable experience of liaising with regulators and prosecutors on behalf of clients.