Committees

• the Audit and Risk Management Committee;
• the Human Resources and Workplace Health and Safety Committee; and 
• the Project Advisory Group Committee.

This committee structure allows the Board to give due attention to the detail of Stanwell's operations. Each committee has its own charter.

Audit and Risk Management Committee
The audit objective of the Audit and Risk Management Committee (ARMC) is to assist the Board in fulfilling its responsibilities relating to Stanwell's accounting and reporting practices and operating activities.

The risk management objective of the committee is to assist the Board in: fulfilling its duties relating to applicable law; introducing and maintaining a business risk management process that identifies measures and provides the framework for the economic control of those risks that have the potential to threaten Stanwell's assets, earnings or essential products; and ensuring legal compliance.

The ARMC considers any matters relating to Stanwell's operations and activities, and the role of external and internal audits that it deems to be desirable. In addition, the ARMC examines any other matters referred to it by the Board. Specific duties and responsibilities of the committee include:

• control and policies;
• financial reporting; and
• risk management processes.

The Chairman of the ARMC reports the committee's findings and recommendations to the Board after each committee meeting. The minutes of all committee meetings are circulated to the Board.

The committee has no executive powers with regard to its findings and recommendations. These executive powers remain with the Board.

Audit and Risk Management Committee Charter

Human Resources and Workplace Health and Safety Committee
The primary objective of the Human Resources and Workplace Health and Safety Committee (HRWHSC) is to assist the Board in fulfilling its responsibilities relating to the provision of a safe workplace.

The committee considers any matters relating to Stanwell's human relations, safety and remuneration practices. In addition, the committee examines any other matters referred to it by the Board.

The committee's specific responsibilities include the review of:

• workplace health and safety practices and management;
• workplace health and safety risk profile;
• superannuation strategy; and
• policies relating to the corporate code of conduct and procedures to ensure compliance.

Stanwell is committed to high standards of integrity, honesty and accountability. Our corporate policy for code of conduct provides employees with a clear understanding of the conduct standards expected of them as employees. The code of conduct assists employees to understand their responsibilities and obligations and provides guidance when employees are faced with an ethical dilemma or conflict of interest.

The Chairman of the HRWHSC reports the findings and recommendations of the committee to the Board after each committee meeting. The minutes of all committee meetings are circulated to the Board.

The committee has no executive powers regarding its findings and recommendations. These executive powers remain with the Board.

Human Resources and Workplace Health and Safety Committee Charter

Project Advisory Group Committee
The primary objective of the Project Advisory Group (PAG) Committee is to assist with the strategic development process and review Stanwell's strategic plan.

The PAG considers any matters relating to the strategic development activities of Stanwell that it deems desirable.

In addition, the group also examines any other matters referred to it by the Board or the Audit and Risk Management Committee.

The group’s specific responsibilities include:

• monitoring particular strategies against the approved strategic plan;
• reviewing internal processes for identifying, analysing and selecting projects that have the properties to meet approved strategies;
• reviewing, assessing, and appraising projects against acceptance criteria, and providing advice on their acceptance to the Board; and
• reviewing resources needed to ensure that management can deliver development rationales in a timely manner.

The PAG Chairman reports the group's findings and recommendations to the Board after each group meeting.

The group has no executive powers with regard to its findings and recommendations. These executive powers remain with the Board.

Project Advisory Group Committee Charter