Petrofac Chief Exec Sees Pay Cut in 2020

Petrofac’s (LON: PFC) ex-chief executive Ayman Asfari saw a pay cut last year, the company’s latest annual report, which was released on Wednesday, has revealed.

Asfari received a total remuneration of $999,000 in 2020, which marked a drop of 13.3 percent compared to Asfari’s total remuneration figure of $1.15 million in 2019. In 2020, the chief exec’s total remuneration comprised a base salary of $830,000, $89,000 cash in lieu of pension and other benefits, $79,000 in long term incentives, and $1,000 of taxable benefits. In 2019, Asfari received a base salary of $884,000, $90,000 cash in lieu of pension and other benefits, $178,000 in long term incentives, and $1,000 of taxable benefits.

Petrofac registered revenues of $4.08 billion in 2020, with a reported net loss of $180 million, and a business performance net profit of $48 million. In 2019, the company achieved revenues of $5.53 billion, a reported net profit of $73 million, and a business performance net profit of $276 million.

In October last year, Petrofac announced that Asfari had decided to retire as the company’s group chief executive at the end of the year to focus on his family, health, and charitable interests. Sami Iskander joined the company as the deputy chief executive on November 1, 2020, and, following a short transition period, assumed the role of group chief executive on January 1. Asfari was appointed a non-executive director to Petrofac’s board of directors on January 1.

Earlier this year, Royal Dutch Shell plc’s (NYSE: RDS.A) latest Form 20-F revealed that its chief executive officer, Ben van Beurden, saw his pay almost halve in 2020. Total SE’s (NYSE: TOT) Chairman and Chief Executive Officer Patrick Pouyanne also saw his pay drop by 36.4 percent from 2019 to 2020, the company’s latest Form 20-F showed.

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