Two of Australia’s biggest superannuation funds are reportedly set to vote against Woodside Energy’s climate plan at its AGM today, with chair Richard Goyder’s re-election in jeopardy.
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As reported by Reuters, Aware Super, has voted against Woodside’s climate plan and the re-election of Goyder, who has said Woodside is addressing climate concerns but must do so in a way that protects shareholder value.
“This decision has not been taken lightly and is underpinned by our belief that climate change is one of the most significant financial risks to our portfolio,” Aware Super said in a statement.
Australia’s largest superannuation fund, AustralianSuper, also said it intended to vote against the plan, citing concerns over how Woodside would reach net zero emissions. It would, however, support Goyder’s re-election as chair.
The news comes as environmental and conservation groups increase calls for Woodside to take more serious action on climate change, opposing the oil and gas giant’s reliance on carbon credits to help meet its emissions targets.
In 2022, nearly 49% of investor votes were against the company’s climate plan, with funds including HESTA, KLP and Allianz Global Investors voicing their opposition.
Related article: UniSuper commits $622M to Macquarie’s renewables fund
Woodside’s AGM will take place at 10am (AWST) today.
