John Wood Group PLC Rotten Score Breakdown

The UK Financial Conduct Authority fined John Wood Group PLC £12,993,700 for publishing inaccurate information in its full-year 2022 and 2023 financial results and its half-year 2024 results. The FCA found that accounting judgments relating to poorly performing projects were inappropriately influenced by a desire to maintain previously stated financial results. It also found that the company lacked adequate systems, controls and procedures to prevent this. John Wood Group accepted the FCA's findings and resolved the case at an early stage, qualifying for a 30% reduction from the otherwise applicable penalty of £18,562,500. This is separate from the previously entered John Wood Group subsidiary bribery case and is duplicate-safe by title. Source / proof: UK Financial Conduct Authority: https://www.fca.org.uk/news/press-releases/fca-fines-john-wood-group-plc-issuing-misleading-statements

In June 2021, Amec Foster Wheeler Energy Limited, a subsidiary of John Wood Group plc, entered into a deferred prosecution agreement and agreed to pay an $18.375 million U.S. criminal penalty concerning a bribery scheme in Brazil. The company admitted that between 2011 and 2014 it conspired through employees and intermediaries to pay bribes to Petrobras decision-makers to obtain an approximately $190 million gas-to-chemicals engineering contract. The business earned at least $12.9 million in profit from the improperly obtained contract. Amec Foster Wheeler became part of John Wood Group after the conduct occurred. This record therefore documents misconduct by a business that Wood later acquired and does not claim that Wood owned or directed the company during the 2011–2014 conduct. Source / proof: U.S. Department of Justice: https://www.justice.gov/archives/opa/pr/amec-foster-wheeler-energy-limited-agrees-pay-over-18-million-resolve-charges-related-bribery