All three elements work together and are strengthened by each other to deliver shareholder value. If one element of sustainability is not achieved, optimal shareholder value will not be realised. Corporate governance is the foundation on which each element is built that ensures we act every day with the highest integrity.

 

The increasing importance of sustainable development as a key element of business activity was recognised by the Board in establishing a Sustainability Committee in June 2007.  Refer to Corporate Governance section for the Charter.

 

the Board approved the Woodside Sustainable Business Framework that will embed sustainable development into the Woodside Management Framework and business strategy and practices in a systematic way. The principles in this framework translate into actions across each of the three dimensions of sustainable development-economic performance, social contribution and environmental excellence. The work to align business processes and standards to the principles has started and will be further implemented in 2008.

 

Work is ongoing to embed sustainability in our culture, behaviours and in our processes, procedures and systems.