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Good progress was made in managing sustainability

EXAMPLES OF SANTOS SYSTEMS AND POLICIES BUSINESS CONDUCT

Bribery and corruption Conflict of interest Financial management and accounting Political affiliation Receiving gifts Reporting misconduct Risk management Securities dealing Shareholder communication and market disclosure

ENVIRONMENT AND SOCIAL

Community Environment Greenhouse Health and wellbeing Human rights* Safety Training and development

WORKPLACE AND EMPLOYMENT

Conditions of employment Confidentiality Employee benefits Equal opportunity Internet and electronic communication Issue resolution Leave Performance management Privacy Recruitment Use of company resources

  • *

    Draft policy under review.

A s a s u c c e s s f u l e n e r g y c o m p a n y , S a n t o s m u s t b e a b l e t o u p h o l d i t s r e p u t a t i o n a s a t r u s t e d a n d c o m p e t e n t e x p l o r e r , d e v e l o p e r a n d o p e r a t o r , c o n t i n u i n g t o m a k e e c o n o m i c p r o g r e s s w h i l e o p e r a t i n g i n a n e n v i r o n m e n t a l l y r e s p o n s i b l e m a n n e r a n d f u l i l l i n g i t s s o c i a l o b l i g a t i o n s .

Over the past year, significant progress has been made towards the important goal of having a fully- integrated approach to managing the Company for long-term sustainability. As a result, Santos recorded improved performance for many of its sustainability indicators, including environment, greenhouse and employee commitment.

environment – the natural resources in the areas where Santos operates and how efficiently they are used;

community – Santos’ relationship with and contribution to the communities it is associated with and the strength of those communities;

FRAMEWORK FOR CONTINUOUS IMPROVEMENT IN SUSTAINABILITY

our people – the skills, capabilities and effectiveness of the people in Santos’ workforce; and

Santos’ commitment to sustainability is managed through the functionally- based organisational structure (see page 31) which reflects the various activities that occur throughout the business cycle of the Company.

There are eight functional areas, with three focusing on the oil and gas ‘conveyor belt’ of exploration, development and operations, and five – strategic projects, gas marketing and commercialisation, finance, legal, and corporate and people – helping to drive this conveyor belt.

These functions provide the structure, company policies and technical systems to ensure the Company achieves a high performance across the four sustainability domains:

  • economy – the economic impacts

of Santos’ activities.

Santos’ sustainability framework is driven by a traditional improvement cycle of assessment, gap analysis, action planning, measurement and reporting. This provides a consistent approach to the consideration of the principles of sustainability in decision-making and operational practices.

The sustainability framework has been developed in parallel with a continuous improvement framework and during 2007 Santos will progressively align them further.

The continuous improvement framework was piloted with the Operations and Shared Business Services teams during 2006 and will be rolled out throughout Santos in 2007.

24 Santos Annual Report 2006

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