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              [html]<thead><tr><td>CORPORATE GOVERNANCESTATEMENTThe purpose of this Statement is to provide details of the main corporate governance practices</td><td>to agreements approved by shareholders at the 1989 Annual General Meeting and, as reported in the Company ’ s 2003 Annual Report, a review by the</td><td>• the provision of strategic direction and oversight of management ;• corporate governance ;</td><td>Gene</td></tr></thead><tbody><tr><td>the Company had in place during the past financial year.</td><td>Remuneration Committee of the Board had determined that the provision of those benefits should cease on 30 June 2004</td><td>▪ the selection and evaluation of, and succession planning for, Directors and executive management ;</td><td>June</td></tr><tr><td>The Board works under a set of well - established corporate</td><td>should cease on 30 June 2004 and benefits accrued to that date should be held by the Company and paid on retireme</td><td>management :• significant acquisitions and disposals of assets :</td><td>headay continued its</td></tr><tr><td>reinforce the responsibilities of all Directors in accordance with</td><td>Company and paid on retirement. As a result of its decision to</td><td>disposals of assets ;• significant expenditure decisions outside of the</td><td>Company continued itsocus on stakeholder deliveroughout 2004, enhancing</td></tr><tr><td>the requirements of the Corporations Act and the Listing Rules of the Australian Stock</td><td>As a result of its decision to cease the provision of retirement benefits, the Board believes that from 30 June 2004, the</td><td>‐ decisions outside of the corporate budget ;</td><td>Communication of controls or controls or porate governance.</td></tr><tr><td>Exchange ( ASX ).</td><td>from 30 June 2004, the</td><td>▪ hedging of product sales, sales</td><td>Company</td></tr><tr><td>The Board regularly reviews and updates its corporate governance</td><td>Company ' s policies and practices comply in all substantial respects with the ASX Best Practice Recommendations. To assist</td><td>arrangements ;• the remuneration of Directors</td><td>Counsel. Company Secretary</td></tr><tr><td>policies on an annual basis and as required, to ensure that the</td><td>Recommendations. To assist shareholders, the policies and</td><td>▪ the remuneration of Directors and executive management ;</td><td>Company ’ s policies remain in accordance with best practice.</td></tr><tr><td>practices described in thisCorporate Governance Statement</td><td>▪ the approval of, and monitoring of financial.</td><td>maintaining and reporting on effective risk management</td><td>1. COMPLIANCE WITH THE ASX</td></tr><tr><td>are cross referenced to a</td><td>performance against, corporate</td><td>( including safety and plant integrity ); and</td><td>BEST PRACTICE</td></tr><tr><td>checklist of the ASX Best</td><td>budgets ;</td><td>RECOMMENDATIONS</td><td>Practice Recommendations set</td></tr><tr><td>Specificity (%)</td><td>operating under approved budgets and written</td><td>Following publication of the</td><td>out at the end of this Statement.</td></tr><tr><td>• ure applicit or unitination of authority to management ;</td><td>operating under approved budgets and written delegations of authority.</td><td>Principles of Good Corporate</td><td>2. BOARD OF DIRECTORS AND ITS COMMITTEES</td></tr><tr><td>• ethical standards and codes of conductions</td><td>budgets and written delegations of authority. 1. Band associated</td><td>Corporate Governance Council</td><td>Except where otherwise</td></tr><tr><td>1.</td><td>z BoallularTolluctures assist in the effective</td><td>(“ ASX Best Practice</td><td>Thatcated, references in this Statement to the “ Board</td></tr><tr><td>management strategies and</td><td>ecution of its responsibilit</td><td>Recommendations *), Santos</td><td>Statement of the budding statements of the statements of the statements of the statement</td></tr><tr><td>Parameters</td><td>e Board Guidelines include</td><td>assessed its existing corporate</td><td>durations</td></tr><tr><td>Table</td><td>Post - caregivers</td><td>governance practices for</td><td>Spotematic and specifically formations</td></tr><tr><td>The Board delegates management</td><td>Prectors with all relevant</td><td>compliance with those</td><td>βAERTITGTICTITTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT</td></tr><tr><td>of the Company ' s resources to</td><td>formation and familiarity w</td><td>Recommendations. As a result</td><td>Platformation</td></tr><tr><td>the Company ' s executive</td><td>e Company ' s major centres</td><td>of this assessment, which was</td><td>2.1 Board Responsibilities</td></tr><tr><td>management team, under the</td><td>Prevalence and difficulties a</td><td>initially carried out in 2003, the</td><td>The Board is responsible for the</td></tr><tr><td>leadership of the Ch1ef Executive</td><td>Parameters expectations</td><td>Board formed the view that the</td><td>overall corporate governance</td></tr><tr><td>Officer and Managing Director</td><td>Post - cardiomassic and Committees including</td><td>Company ' s existing practices</td><td>the Company, including its</td></tr><tr><td>(“ CEO ”), to deliver the strategic</td><td>Nomination Committee, a</td><td>complied in substance with the</td><td>strategic direction and financ</td></tr><tr><td>direction and goals determined</td><td>Communeration Committee, an</td><td>ASX Best Practice</td><td>objectives, establishing goals</td></tr><tr><td>by the Board. This Statement</td><td>Addit Committee, a Finance</td><td>Recommendations, except th</td><td>management and monitoring the</td></tr><tr><td>details the responsibilities</td><td>mmittee and an Environmental</td><td>that time it provided retire</td><td>attainment of these goals.</td></tr><tr><td>delegated by the Board to</td><td>Safety Committee to assi</td><td>benefits to non - executive</td><td>Specifically, as detailed in this Statement, the Board is</td></tr><tr><td>executive management for :• implementing corporate</td><td>th the effective discharge duties. All Committees are.</td><td>Defined provided by Active provided provided</td><td>responsible for :</td></tr><tr><td>strategie</td><td>and age ( years )</td></tr><tr></tr><tr></tr><tr></tr></tbody>
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