Corporate Goverenace Santos & Sydney Airport

2547 words - 11 pages

1900
Student Names: Arya Ghosh (S00177114) Janey Rose Sagana (S00176976) Minella Ann Rivera (S00177014) Arun Babu George (S00177033)
Submitted on 25th September 2014
1/1/1900
1900
Student Names: Arya Ghosh (S00177114) Janey Rose Sagana (S00176976) Minella Ann Rivera (S00177014) Arun Babu George (S00177033)
Submitted on 25th September 2014
1/1/1900
2014
2014

Group Assignment: Case Study – Sydney Airport & Santos Limited
Group Assignment: Case Study – Sydney Airport & Santos Limited

BUSN 603- CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY
North Sydney Campus
BUSN 603- ...view middle of the document...

Santos entered into an agreement with South Australian Gas Company, the Electricity Trust of South Australia and the Australia Gas Light Company. Santos became one of the largest producers of gas to the domestic market and has the largest production in Australia. Santos’ foundations are based on safe, sustainable and working partnership with communities, governments, business, partners and shareholders (Santos Company Profile, n. d.)
Board Composition and Structure
Santos consists of 5 minimum and 10 maximum numbers of Directors (exclusive of the Chief Executive Officer and Managing Director, majority are Independent NEDs. The Board: has the power to decide and appoint the service validity, termination, and qualifications of the Chairman or Deputy Chairman; responsible for the evaluation of the independence of each Director according to ASX CGC and the materiality that can affect the independence of each on a case-by-case basis; disclosed the functions of the senior executives and their performance is regularly reviewed and evaluated throughout the period (Santos Board of Directors 2013).


Risk Management / Internal and External Controls
Santos Board of Directors ensures that the Management maintains a clear arrangement regarding areas of material risk and an evaluation of those arrangements with irregularities and inadequacy. The risk management includes Board Committees, Financial Reporting, Management Reporting, Organizational Structures, Procedures, Manuals and Policies, Audits, Environment, Health and Safety Standards, Comprehensive Insurance Programmes and Appointment of Specialist Staff and External Advisors (Santos Risk Management n. d.).
Code Of Conduct
Companies set out rules and regulations and provide guidelines for the employees to follow in carrying out their work to promote high standards of corporate governance and ethical conduct of Company.
* avoid conflicts of interest, and ensure that all business transactions are conducted in the best interests of the Company;
* comply with laws and regulations relevant to the Company’s operations including environmental and trade laws in Australia and abroad;
* do not disclose or use in any improper manner confidential information about the Company, its customers or affairs;
* respect the privacy of others and comply with the Company’s privacy policy;
* report misconduct (Santos Code of Conduct n. d.).
Transparency Issue-Santos
Coal Seam Gas
Santos is the company that operates the mine for coal seam gas. Last March, an issue arise regarding the underground water aquifer being contaminated in the north-west part of the New South Wales. The aquifer in the Pilliga Forest was poisoned with uranium and other toxic metals. Santos was fined $1500 and tried to hide the issue. The Sydney Morning Herald broke this issue and was accused by Santos Vice President for Eastern Australia James...

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