We conduct our business honestly and ethically, preventing corruption and ensuring host countries benefit from our revenue payments.
Pharos Energy operates in Vietnam, ranked 107 out of 180 countries in Transparency International’s most recent Corruption Perception Index (CPI) and in Egypt, ranked at 117. It’s therefore vital we establish ethical business standards in our relationships with others.
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.
We have a confidential 24/7/365 ethics hotline provided by Expolink.
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 2018 was $202.4m, of which 97% was for the Vietnam producing licence areas.
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 60 employees in London, Egypt and Vietnam. Our size of direct employees facilitates daily direct interaction and multidisciplinary dialogue amongst personnel and executive Directors.