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Petrofac makes governance changes amid SFO probe

Jaclyn Jaeger | June 1, 2017

The board of directors of oilfield services provider, Petrofac, recently announced a number of significant governance changes, amid a bribery and corruption investigation by the Serious Fraud Office. 

The changes are intended “to ensure Petrofac can retain its focus on its operations and clients, whilst also ensuring the company is able to continue to engage with the SFO’s investigation,” Petrofac stated.

Petrofac said that a committee of the board has been established “to be solely responsible for the company's engagement with the SFO and to oversee the company's response to their investigation. This committee comprises the chairman, independent non-executive directors, and the chief financial officer.”

“Given the scale of the investigation, the committee has decided to engage a senior external specialist to oversee the company's management...

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