Australian energy giant Woodside’s climate strategy will be put to the test at a critical vote this month as shareholders weigh differing advice on whether to support or reject the credibility of its emissions targets and re-elect chairman Richard Goyder.
“The company’s climate transition action plan does not appear to be sufficiently complete and rigorous,” ISS said.The CGI Glass Lewis report, circulated last week, criticises Woodside for what it says is its “underwhelming” responsiveness to shareholders’ long-held concerns about its climate stance, which left “significant room for improvement”.
ISS, in its main report, backs Goyder’s re-election for another term, on the basis that the board was responding to climate concerns, and that it had committed to submitting its climate strategy to investors for approval every three years.Trevor Collens Woodside is hoping investors will re-elect Goyder. It describes him as a highly capable and effective leader who provides “valuable insight, stewardship and strength to the board”. The company is pitching its updated climate plan as a “material step forward” from earlier disclosures that articulate its strategy to reduce emissions and invest in the energy transition.
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