🗞️Shareholders Reject Woodside Energy's Climate Report

When shareholders gather on Wednesday, Woodside Energy may face a resounding vote against its climate plans as international investors continue to scrutinise the emissions policy of Australia's largest oil and gas company.Over 58.36% of votes were cast against Woodside Energy's climate report in the company's annual general meeting, according to the results of the voting.It is by far the largest protest vote ever registered against any of the several dozen global listed companies that frequently present shareholder resolutions pertaining to climate change.

Waterside Chair Richard Goyder was successfully re-elected to the board following his resistance to a move by shareholders to remove him due to the company's environmental credentials.Early results shown at the annual general meeting in Perth today show that he was re-elected with over 80% of the vote cast in his favour.During his introductory speech, Goyder stated that the oil and gas company was dedicated to operating in a sustainable way. He stated to stockholders:

This means responding to climate change. And it means ensuring everyone who works at Woodside goes home safely

Our strategy is to thrive through the energy transition. The heart of this strategy recognises that the world must respond to the challenge of climate change by changing our energy system - and we intend to be part of the solution. It is underpinned by three priorities: providing energy the world needs today and into the future, creating and returning value, and conducting our business sustainably - and we are delivering on all three

Nothing is free like a free press. Give now to help sustain independent journalism in your community.

It's evident from recent events that there has never been a better moment to support local news. Donate now to help sustain independent reporting.

According to an analysis by the climate activist group Market Forces, Australian corporations have been the target of four of the top ten largest protest votes against climate policies. These companies are Woodside (49% against), Santos (37%), AGL (31%) and APA Group (21%).Will van de Pol, CEO, Market Forces said most investors including the world’s biggest asset firms such as JP Morgan, State Street and Blackrock, as well as Australia’s super funds, have been missing in action when it comes to holding fossil fuel company directors accountable, flying in the face of their climate commitments.

“In a world first, a majority of shareholders have rejected Woodside’s dangerous climate plan, while some of the world’s biggest investors have turned their backs on Richard Goyder’s leadership.”

"Shareholders have sent a stern message as support for Richard Goyder’s re-election at Woodside sits in the lowest 2.5 per cent of ASX50 companies over the past decade."

“The person who’s presided over Woodside’s skyrocketing emissions and woeful responses to climate demands can turn up and Chair the next board meeting, showing too many investors have failed to hold the company’s leadership to account.

“Investors have attempted to oust directors multiple years in a row and must escalate pressure further to prevent Woodside from barrelling down its climate wrecking path.”

"It's one of the lowest votes for an ASX 50 director in the last 10 years but it's not enough to shake Woodside from its reckless oil and gas growth plans."

Meanwhile, Harriet Kater, Head of Impact of Australiasian Centre for Corporate Responsibility said : It is inconceivable for Richard Goyder’s board to continue its trend of dismissing shareholder concerns following this overwhelming rejection of Woodside’s climate plan.

“The board must now act on investor feedback and begin the long overdue work of credibly de-risking its business.

“The scale of this rejection is globally unprecedented. With 58.4% of investors voting against, this is the least-supported climate plan ever. The fact that the previous record of 49% was also held by Woodside speaks to this board’s persistent unresponsiveness.

“There was a global groundswell of public dissent against Woodside’s climate plan ahead of today’s AGM. It was rejected by all major proxy advisory firms, at least three major Australian superannuation funds, some of the United States’ biggest pension funds, Norway’s largest private pension fund, and Britain’s biggest asset manager.

Kater said “For Richard Goyder to keep his job while a solid majority of Woodside’s register has rejected a strategy he is responsible for is an inconsistency in today’s results. However, the 16.6% vote against his re-election is material and is by far the largest vote on record against a Woodside Chair, with no chair over the past 20 years receiving a vote against higher than 1.6%.

“Mr Goyder would be naive to presume that he can continue his final term with a business as usual approach.

Kater added this overwhelming rejection of Woodside’s climate plan is in effect a rejection of the company’s strategy. It is impossible to divorce the two - indeed CEO Meg O’Neill has explicitly said that Woodside’s company and climate strategy are one and the same. Woodside cannot deliver a credible transition plan without addressing its flawed company strategy.

“For Woodside’s board to maintain that the only path to shareholder value is persevering with low value, high risk oil and gas projects suggests a lack of skills, poor judgement and risky group-think.

“The board has alternative options, She said ACCR research shows Woodside’s portfolio of unsanctioned oil and gas projects does not appear to be a material source of value for shareholders. On the other hand, a capital return strategy would generate more value, with less risk and lower emissions.”

“It’s time for Woodside’s board to remove its blinkers and have an honest conversation about which growth projects in its portfolio don’t make sense.” Kater disclosed.

Got a News Tip?

Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos.

More on The Evening Post AU

  • Get Evening Post Wrap - for nighly bite size news around Australia and the world.

  • Podwires Daily - for providing news about audio trends and podcasts.

  • Podwires Asia - for reporting on podcasting and audio trends in South East Asia

  • There’s a Glitch - updated tech news and scam and fraud trends

  • The Freeman Chronicle Podcast - features expert interviews on current political and social issues in Australia and worldwide.

  • That Podcast Exchange - This podcast is an insightful conversation with people at the top of their game and deconstructs them to find the tools, tactics, and tricks to help you achieve your dream goal as Podcast Manager.