Publication Investor Briefing: Woodside’s 2025 AGM

ACCR has filed members’ statements with Woodside Energy Group Ltd.

ACCR has filed members’ statements with Woodside Energy Group Ltd, dissenting against the election of all directors standing at the upcoming annual general meeting (AGM).

The members’ statements say Woodside’s entire Board shares collective responsibility for the company’s failings.

The governance concerns outlined in the statements include:

  1. failure to respond to significant underperformance
  2. failure to materially respond to escalating investor feedback on management of climate risk.

A vote against all directors facing either re-election or election in 2025 is warranted

Key stewardship questions for Woodside

  1. What have Woodside directors done in response to the majority vote against the 2023 CTAP to satisfy themselves that they have complied with their obligations to their members and their role in overseeing management and strategy?
  2. What is the company’s proposed solution to its chronic financial underperformance? How is this different to any steps the company has previously taken to address this underperformance?
  3. Has Woodside modelled a strategy of ceasing new fossil fuel investment? If so, what sources of value did it capture outside the individual project economics (e.g. reduced exploration costs, simpler and lower risk business), and what were the conclusions? If not, why not?
  4. Are the Board and its Committees effectively overseeing the company’s approach to climate risk, given that the strategy has not changed for five years in the face of escalating investor votes and feedback?
  5. You spent over $200 million constructing Louisiana LNG last year. But the project hasn't made FID and you're now signalling that the sell down may be delayed. Are you worried that spending hundreds of millions on a project before it reaches FID is putting value at risk? What happens to Woodside's balance sheet if you can't sell down on attractive terms and you've effectively committed to this project at 100%?

Download a PDF of Investor Briefing: Woodside’s 2025 AGM | 26/03/25

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