Australia’s largest super fund joins protest vote against Woodside’s climate plans

Woodside Energy is facing the prospect of an overwhelming protest vote against its climate plan at its annual general meeting on Wednesday.Woodside Energy is facing the prospect of an overwhelming protest vote against its climate plan at its annual general meeting on Wednesday.Energy’s failure to do more to address the climate crisis, saying it has unanswered questions about the fossil fuel company’s plans.

Woodside – Australia’s biggest oil and gas company – is facing the prospect of an overwhelming protest vote against its climate plan, which was updated earlier this year. Critics of Woodside’s strategy say it isThe company says it is committed to cutting its emissions to net zero, but plans a significant expansion in fossil fuel production, including opening new fields that could lead to billions of tonnes of carbon dioxide being released into the atmosphere.

Woodside’s climate report will be put to a non-binding vote. Shareholders delivered a 49% protest vote against its previous climate policy two years ago – the highest protest vote recorded against the dozens of listed companies around the world that regularly put climate-related resolutions to shareholders.

She said that as a major shareholder, Australian Super had a responsibility to do everything in its power to “change Woodside’s behaviour”, including reconsidering the future of its “anti-climate action leadership”.AustralianSuper held a 4.52% stake in Woodside at the end of the last financial year, making it one of its biggest stock holdings across its funds, according to its annual report.

“But to some extent all that increased disclosure has left us with additional questions, which we seek clarification for,” Manuell said.AustralianSuper’s position on Goyder’s future appears consistent with some other major investors, based on an analysis of their voting intentions. The superannuation fund Hesta has also expressed support for the chairman.

Source: News Formal (newsformal.com)

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