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Woodside Faces Investor Backlash Over Climate Change Response

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Woodside,Australian Oil And Gas Company,Investor Backlash

Woodside, the largest Australian oil and gas company, is at risk of facing a fresh investor backlash over its response to climate change as a key shareholder advisory group recommends voting against its decarbonisation plans and the re-election of chairman Richard Goyder.

The Perth-based energy giant has been seeking to shore up investor support for its climate action and transition plan – a strategy detailing how it intends to tackle emissions and continue operating in a world that’s ratcheting up climate ambition – ahead ofHowever, as investors prepare to cast their votes in the advisory poll, influential proxy adviser CGI Glass Lewis – a firm that advises large investors on how to vote on a range of corporate matters such as executive pay and board nominees –...

Woodside has come under growing scrutiny from environmental activists and large investors alike, with some criticising its climate targets as too weak and questioning its plans to develop new fields to expand the production of fossil fuels. The Australasian Centre for Corporate Responsibilitiy , a shareholder activism group, has filed a members’ statement opposing Goyder’s re-election, claiming he has been “persistently unresponsive” to concerns about climate risk.

 

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