of five for corporate governance
for the third successive year 
in an independent report prepared
by leading accounting and
management firm, Horwath, 
and the University of Newcastle.
The safety of our employees and
contractors is the highest priority
for the Board and I’m pleased
that Santos has delivered another
year of safety improvement 
with an 11% reduction in the
2004 total recordable case
frequency rate.
Mr Frank Conroy retired from 
the Board of Directors during
December 2004. A member of the
Board for five years, Mr Conroy
brought extensive business and
corporate experience to the 
Board and I thank him for his
outstanding contribution.
In February 2005 we appointed
two new Board members, Mr
Kenneth Dean from Shell, and 
Mr Christopher Recny from the
international management
consultancy firm, L.E.K. These
individuals further strengthen 
the composition of the Board,
bringing strong international 
oil and gas expertise and
outstanding management
experience.
Finally, I’d like to acknowledge
the extraordinary effort made by
everyone at Santos to keep the
Company moving forward during
this challenging year.
I am confident that the
significant achievements made
during 2004 provide Santos with
a solid platform from which to
achieve future growth with
increased value for our
shareholders.
Stephen Gerlach
Chairman
21 March 2005
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