Petrofac News 1700X397
01 September 2011

Petrofac's Response to the Davies Review on Boardroom Diversity

The Board of Petrofac takes the issue of diversity very seriously and has welcomed the publication of the Davies Review on Women on Boards in February 2011. In line with the recommendations made by Lord Davies, it is our aspiration to have 15% female representation on the Board by 2013 and 25% by 2015 (excluding the Chairman).

The Board of Petrofac acknowledges that the Financial Reporting Council is currently consulting on changes to the UK Corporate Governance Code which includes a recommendation that companies adopt a board room diversity policy. Petrofac recognises the importance of this issue and, as a listed company, will of course continue to seek to comply with any changes to the Code. The Board also fully recognises the importance of achieving a greater gender balance throughout the group and will build on the work already done in creating an organisation which is, as much as possible, representatively diverse in the markets and communities in which we work, in an industry where competition for talent is extremely high. Furthermore the CEO will be keeping the development of women under review as part of the company’s evolving HR strategy.

Further information will be contained in the Corporate Governance section of the Report and Accounts for 2011.