Santos is among the top companies for corporate governance in Australia, according to a recent survey of Australias top 250 listed companies.The study was conducted by the University of Newcastle in conjunction with accounting firm Horwath. It assigned a star rating to their corporate governance practices, with five stars being the highest performance accolade.
Santos was one of only nine companies to receive a five-star rating.
The report said that achievement of the five-star rating indicated that Santos:
- corporate governance structures were outstanding
- structures met all best practice standards and could not be faulted
- demonstrated unequivocal independence in all key areas including its Board of Directors, audit committees, remuneration committees and nomination committees
- Board and related committees met regularly and disclosure on related party transactions was clear and unambiguous.
The study was the first attempt to develop statistical data to assess the corporate governance of Australian companies, and to generate a report card on their performance.