Woodside shareholders slam climate inaction

At Woodside Petroleum Limited (ASX:WPL)’s first online-only AGM today in Perth, shareholders voted in unprecedented numbers for two of three shareholder resolutions filed by the Australasian Centre for Corporate Responsibility (ACCR).

• 50.16% of shareholders voted FOR the shareholder resolution on Paris Goals & Targets
• 42.66% of shareholders voted FOR the shareholder resolution on Climate-Related Lobbying
• 2.71% of shareholders voted FOR the shareholder resolution on Corporate Reputation Advertising

Proxy advisers ACSI, Glass Lewis, ISS, PIRC (UK) and Regnan all recommended in favour of the resolutions on Paris Goals & Targets and Climate-Related Lobbying.

The special resolution on which the ordinary resolutions were contingent was supported by 6.28% of shareholders.

Commenting on results of the Woodside Annual General Meeting, Dan Gocher, Director of Climate and Environment, ACCR, said:

“This is a breakthrough moment for investor action on climate change in Australia. The call for companies to set targets on Scope 3 emissions (those from products sold) is now supported by more than 50% of shareholders in Australia’s largest oil and gas company, a striking number in the absence of board support.”

“Until Woodside explains how its business will align with the goals of the Paris Agreement, the company will be in open conflict with the majority of its shareholders. This is an untenable position for the company.”

“The onus is now on institutional investors to ensure that their vote is not ignored. We stand ready to work with our fellow shareholders to see the review and disclosure measures recommended in the two resolutions implemented by Woodside’s board.”

“Woodside plans to increase gas production by nearly 70% by 2028. Global peers BP, BHP, Royal Dutch Shell and Total have committed to set targets for their Scope 3 emissions, but Woodside has not made a similar commitment.”

“Woodside continues to tell its investors that its industry associations are positive actors on climate. This is not backed up by its lobbyists’ records. APPEA and the Business Council have relentlessly lobbied against climate policy for more than two decades, and investors have today admonished Woodside’s continued obstruction of effective climate policy.”