Woodside’s shareholder rejects climate plan
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Woodside’s shareholders on Wednesday voted against the company’s climate plan, halting its plan for new fossil fuel projects and dealing a significant blow to Australia’s biggest gas producer.
The outcome of the votes, 58% opposing the climate plan, underscores the growing investor concern over the company’s strategy to reduce carbon emissions, which critics say is unambitious and vague.
Despite the plan’s rejection, the chairman, Richard Goyder, managed to retain his position despite a push to remove him from office.
Goyder expressed disappointment over the plan’s rejection but emphasized that the board respected the result and would keep engaging with shareholders about its strategy.
The vote against the climate plan reflects an increase in opposition compared to two years ago, where 49% opposed it. Also, while the effort to block Goyder’s re-election fell short, the margin of his victory was cut down to 83.4%, from the 99.2%.
Also read: Shell urge shareholder to reject shareholder’s climate resolution
The campaign against Woodside’s climate plan and Goyder garnered support from significant pension funds in the U.S., Norway, and Australia and proxy advisor Glass Lewis.
Tensions were evident during the shareholders’ meeting, with Goyder defending the company’s approach amid criticism from activists.
Despite the setback, Woodside remains committed to its $20 billion-plus portfolio of new projects and aims to achieve net-zero emissions by 2050 for scope 1 and 2 emissions.
Harriet Kater, head of impact at the Australasian Centre for Corporate Responsibility (ACCR), which led the campaign against Goyder and the climate plan, emphasized the need for Woodside to adopt a more progressive approach and reconsider its reliance on carbon credits.
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