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Energy|Financial
energy|financial

Australian pension major votes against Woodside chair, climate plan ahead of AGM

22nd April 2024

By: Reuters

  

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SYDNEY - Australia's third-largest pension fund has voted against the re-election of Woodside Energy chair Richard Goyder and the firm's climate action plan in a rebuke to the company's campaign to win shareholder support for its emissions plan.

Aware Super, which manages A$170-billion, said in a statement on Monday that Woodside had not made sufficient progress on its climate transition action plan to justify support at the annual general meeting this Wednesday.

"Our votes against both the re-election of chair Richard Goyder and the company’s Climate Transition Action Plan and 2023 Progress Report reflect this dissatisfaction," the statement said.

“This decision has not been taken lightly and is underpinned by our belief that climate change is one of the most significant financial risks to our portfolio."

Woodside referred questions about the decision to a recent letter from its chairman to shareholders, which defended the company's "disciplined approach."

Last year, nearly 49% of investor votes were against the company's climate plan, which Woodside put to an advisory vote for the first time.

Edited by Reuters

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