Woodside Petroleum Ltd| Governance 73
We believe high standards of governance and transparency are essential.
Corporate governance at Woodside
Woodside is committed to a high level of corporate governance
and fostering a culture that values ethical behaviour, integrity and
respect. We believe that adopting and operating in accordance
with high standards of corporate governance is essential for
sustainable long-term performance and value creation.
Woodside’s Compass is core to our governance framework.
It sets out our mission, vision and strategic direction and core
values of integrity, respect, working sustainably, working
together, discipline and excellence. The Compass is the
overarching guide for everyone who works for Woodside.
Our values deﬁne what is important to us in the way we work.
Refer to Woodside’s website for more information.
Our corporate governance model is illustrated below.
The Woodside Management System (WMS) describes the
Woodside way of working, enabling Woodside to understand
and manage its business to achieve its objectives. It deﬁnes the
boundaries within which our employees and contractors are
expected to work. The WMS establishes a common approach
to how we operate, wherever the location.
Throughout 2018, our governance arrangements complied
with the ASX Corporate Governance Council’s Corporate
Governance Principles and Recommendations (third edition)
Our Corporate Governance Statement reports on Woodside’s
key governance principles and practices. These principles and
practices are reviewed regularly and revised as appropriate to
reﬂect changes in law and developments in corporate governance.
The Corporate Governance Statement discusses arrangements
in relation to our Board of Directors, committees of the Board,
shareholders, risk management and internal control, the
external auditor relationship, and inclusion and diversity.
Our website contains copies of Board and committee charters
and copies of many of the policies and documents mentioned
in the Corporate Governance Statement. The website is
updated regularly to ensure that it reﬂects Woodside’s most
current corporate governance information.
Refer to Woodside’s Corporate Governance Statement for
more information (www.woodside.com.au).
AUDIT & RISK
CHIEF EXECUTIVE OFFICER
RISK MANAGEMENT OPERATING
MANAGEMENT GOVERNANCE AND ASSURANCE