Energy Voice | Petrofac bosses’ pay packs challenged at AGM

Petrofac investors delivered a sizable revolt over bosses’ pay at the energy service company’s annual general meeting in London yesterday.

Nearly 20% of shareholder votes were cast against the firm’s latest executive pay awards, which included a £740,000 bonus for chief executive Ayman Asfari.

Mr Asfari’s total pay package for 2017 came in at around £1.44 million, up from £1.35m the year before.

It came in the same year as Petrofac slashed its dividend and suffered a 41% collapse in its share price after it became embroiled in a Serious Fraud Office probe.

Pre-tax profits slumped to £33.4m, from £74.2m a year earlier.

London-based Petrofac says its remuneration policy guarantees that senior bosses are incentivised.

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