The Board of Stanwell has ultimate responsibility to its Shareholding Ministers for the strategy and performance of Stanwell. The Board is dedicated to fulfilling these duties in a lawful and professional manner and with the utmost integrity and objectivity. As such, the Board actively pursues best practice corporate governance processes and aims to remain amongst the top Australian companies in applied corporate governance.

Corporate Governance is the system by which organisations are directed and controlled and involves the allocation of rights and responsibilities across all areas including the Board, management, staff, shareholders and other stakeholders.

Corporate Governance provides the rules for decision-making and accountability - establishing levels and measures of performance against objectives - the structure and the compliance requirements.

As part of its ongoing commitment to best practice Corporate Governance, the Board has formalised the corporate governance framework within which Stanwell operates in the form of a Board Handbook. This is a written policy document that defines the respective roles, responsibilities and authorities of the Board, both individually and collectively, and Management in setting the direction, the management and control of Stanwell. As such, it establishes the guidelines that the Directors and Management operate within as they carry out their respective roles.

An overview of Stanwell's Corporate Governance framework can be located in Stanwell's 2007 Annual Report.

Stanwell currently complies with the Corporate Governance Guidelines for Government Owned Corporations. Stanwell will continue to review its policies and procedures in light of further developments in corporate governance based on the Corporate Governance Guidelines for Government Owned Corporations.

The Corporate Governance section of Stanwell's website will be progressively updated with any amendments or improvements to Stanwell's corporate governance arrangements.