Oil and gas giant Woodside Energy‘s Climate Transition Action Plan was overwhelmingly rejected by shareholders at its annual general meeting (AGM) on 24 April, with 58% of the vote recorded against the plan.
Woodside chair Richard Goyder was re-elected despite at least one major shareholder saying it would vote against his re-election at the meeting.
Related article: Greenpeace takes Woodside to court over climate claims
“The board will seriously consider the outcome when reviewing our approach to climate change,” Goyder told shareholders.
“We take the shareholder feedback seriously.”
Two of Australia’s biggest superannuation funds said ahead of the meeting last week they planned to vote against Woodside Energy’s climate plan.
Aware Super said Woodside must address climate concerns in a way that protected shareholder value.
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.
Related article: Woodside faces backlash from super funds over climate plan
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.
