BLUF: Should I make my resume longer if the job application says "no longer than 4 pages". 

Context: I am looking at a job in Australia and the advertisement says "Please also provide a current resume, no longer than four pages, highlighting relevant experience and achievements, and at least two referees". The position is at the director level. 

Question: Obviously if they want two referees then my resume will be longer than the manager tools recommendation (one page plus referees), but I'm wondering if their statement about being no more than four pages means they are looking for more 'skills' statements following an accomplishment bullet, i.e. "Saved X% in budget by adopting new budget system. This highlights that I am able to critically analyse current processes and successfully implement large changes" (suppose the words "critically analyse" and "implement large changes" were phrases used in the job advertisement - in this case they're just an example). 

This approach to me does not seem effective but I can't think why they would limit it to a max of 4 pages, unless they wanted some extra information. Anyone have experience working or applying for a company with this sort of statement in job descriptions?