We conduct our business honestly and ethically, preventing corruption and ensuring host countries benefit from our revenue payments.
Pharos Energy operates in Vietnam, ranked 96 out of 180 countries in Transparency International’s 2019 Corruption Perception Index (CPI) and in Egypt ranked at 106. It’s therefore vital we establish ethical business standards in our relationships with others.
In 2019, Pharos entered Israel, where there have been no operational activities to date. Israel ranks at 35 on the CPI, indicating a lower risk of corruption. In September 2019, our Board approved a revised Code of Business Conduct and Ethics adopted across the whole of the Group. The revision reflected increased external focus on such matters.
We prohibit bribery, both by our employees and by those working on our behalf. Our Anti-Bribery and Corruption programme includes due diligence on new vendors, training for all personnel, compliance declarations from all associated persons and a ‘whistleblowing’ policy to protect employees from possible reprisals.
In addition to internal reporting channels, we have a confidential ethics hotline provided by Expolink with numbers displayed in local offices available 24 hours a day all year round.
Payments to host governments
Wealth from natural resources helps fund the development of the countries where we operate. We pay revenues to their governments for oil production entitlements, taxes, royalties, licence fees and infrastructure improvements.
Our total payment to governments in 2019 was $232.7m.
Our Code prohibits contributions to political parties, candidates or other political organisations.
Equal opportunities for our people
Our Code and Policies commit us to providing a workplace free of discrimination where all employees can fulfil their potential based on merit and ability. We value a diverse workforce. In 2019, Pharos’s UK permanent workforce is 60% female and five out of six Heads of Department positions filled by women.
We currently have over 66 employees in London, Egypt and Vietnam. Our size of direct employees facilitates daily direct interaction and multidisciplinary dialogue amongst personnel and executive Directors.