Woodside’s climate report will be put to a non-binding vote – the first time investors will be able to directly respond to its plans since delivering a robust 49% protest vote against its policy two years ago.Woodside’s climate report will be put to a non-binding vote – the first time investors will be able to directly respond to its plans since delivering a robust 49% protest vote against its policy two years ago.
“For most oil and gas companies this will mean reducing production over time, ideally replaced by renewable energy.” Analysis by the climate activist group Market Forces shows that four of the top 10 largest protest votes against climate policies have been lodged against Australian companies, headed by Woodside , Santos , AGL and APA Group .
Market Forces and some large investors oppose the re-election of Woodside chairman Richard Goyder and the company’s renumeration plans as part of their broader protest against Woodside’s climate plans. “The Woodside board believes Mr Goyder is a highly capable and effective leader, and continues to provide valuable insight, stewardship and strength to the board and its deliberations generally as a result of his extensive business career and board experience,” the spokesperson said.that Australia needs new gas developments to protect against an energy shock and to be used as an alternative to coal for electricity generation.
Prominent governance group and proxy adviser CGI Glass Lewis said that while there had been an “evident shift in tone” demonstrated by Woodside to shareholder concerns, its climate plans still fall short of expectations.“While Woodside has shown some progress in its most recent climate plan by providing disclosure regarding the extent of its shareholder engagement, it still falls short of expectations,” CGI Glass Lewis said.