Pillar I: Delivering on Our Promise
Material Topics
- Information security
- Anti-Corruption, bribery
- Compliance with regulations
- Risk management
- Achieving financial targets, market presence
- Customer Satisfaction, marketing
- Localisation and job creation
- Procurement practices
- Engagement with local communities, social performance initiatives
Embracing Good Governance
We seek to operate our business responsibly, ethically, and in a manner aligned with the interests of our stakeholders. Our commitment to the highest standards of professional and personal conduct is embedded within our culture and is manifested in our daily interactions with stakeholders.
Crescent Group Board of Directors
Our Board of Directors, along with our Executive Committee, also monitor all operational, commercial, technological, and compliance related risks across our business and projects. The Board meets every quarter to review the company’s strategy and evaluate business, financial performance, and operational risks.
| Board of Directors | 2019 | 2020 | 2021 |
|---|---|---|---|
| Total number of board members | 6 | 6 | 6 |
| Total number of executive members | 4 | 4 | 4 |
| Total number of non-executive members | 2 | 2 | 2 |
| Total board seats occupied by men | 5 | 5 | 5 |
| Total board seats occupied by women | 1 | 1 | 1 |
Board Biographies
Our Board of Directors currently consists of six accomplished directors with a wealth of regional and international experience, as outlined below.
Hamid Jafar
Board Chair of Crescent Group
Industry leadership
- Oil and gas
- Commercial
- Logistics
- Private equity
Education background
- St. Paul’s School in London
- Bachelor’s in Engineering, Cambridge University
- Master’s in Engineering, Cambridge University
Majid Jafar
Vice-Chair of Crescent Group
CEO of Crescent Petroleum
Industry leadership
- Oil and gas
Education background
- Bachelor’s in Engineering, Cambridge University
- MA in International Studies and Diplomacy, London School of Oriental and African Studies
- MBA, Harvard Business School
Badr Jafar
CEO of Crescent Enterprises
President of Crescent Petroleum
Industry leadership
- Oil and gas
- Logistics
Education background
- Master’s in Engineering, University of Cambridge
- MST, University of Cambridge Judge Business School
Razan Jafar
Director of Crescent Group
Industry leadership
- Solicitor
- Research
Education background
- Bachelor’s, Cambridge University
- MA in Law, Cambridge University
Neeraj Agrawal
Board member of Crescent Group
CFO of Crescent Petroleum
Executive Director of Crescent Enterprises
Industry leadership
- Consulting
- Audit
- Accounting
Education background
- Bachelor of Commerce, University of Delhi
- Member of the Institute of Chartered Accountants, India
Ravi Kumar
Board member of Crescent Group
Chief Corporate Officer of Crescent Petroleum
Executive Director of Crescent Enterprises
Industry leadership
- Accounting
- Consulting
- Audit
Education background
- Bachelor of Commerce, University of Delhi
- Member of the Institute of Chartered Accountants, India
- Member of the Chartered Institute of Management Accountants, UK
- Member of the Institute of Cost Accountants, India
Board Committees
Crescent Petroleum has five standing committees with a variety of responsibilities, as outlined below.
Executive Committee
The Executive Committee (ExCom) oversees the implementation of policies at Crescent Petroleum. The Committee is responsible for strategic oversight, decision making, reviewing the strategic plan and mission, developing guidelines for management of capital, and for setting company policy.
An Operational Scorecard is used by the ExCom to set and actively monitor ESG-related targets and key performance indicators (KPIs) for Crescent Petroleum. Each year, the ExCom reviews these KPIs and revises them based on actual performance and Crescent Petroleum’s strategic direction.
In early 2021, Crescent Petroleum, under the direction of the ExCom, commissioned EY and IHS Markit (IHSM) to conduct a performance benchmarking study of Pearl Petroleum’s operations at the Khor Mor facility in KRI. The objective of the report is to provide a comprehensive, fact-based narrative to describe the operational performance of the Khor Mor asset and associated activities between 2016 and 2020 in comparison to our peers and to relevant industry benchmarks, and in the context of corporate strategic objectives. The ExCom used the results of the study to improve Pearl Petroleum’s performance and guide its actions moving forward.
Human Resource Review Committee
The Human Resources Review Committee is responsible for developing and maintaining all employee policies at Crescent Petroleum. They review and revise the compensation and benefits policies annually and regularly amend the recruitment and performance evaluation guidelines.
Business Development & Investment Committee
The Business Development Investment Committee oversees Crescent Petroleum’s business development decisions, monitors investment opportunities, and recommends final investment decisions.
Kurdistan Operations Joint Operating Committee
The Kurdistan Operations Joint Operating Committee facilitates and monitors key operational matters in the KRI. The committee is comprised of nominated representatives from Crescent Petroleum and Dana Gas.
Kurdistan Operations Training and Development Committee
The Kurdistan Operations Training and Development Committee provides guidance and support regarding the implementation and monitoring of learning and development activities in the KRI. They regularly evaluate the quality of in-house and external training programs.