Australia's biggest gas company roasted for emissions failure

The Age

08-05-2025

Investors have staged another revolt against the board of Australia's biggest oil and gas company over what they say are weak emissions-reduction targets and a failure to plan for a future beyond fossil fuels.
Perth-based Woodside Energy endured intense scrutiny from environmental campaigners and some of its own large investors at its annual general meeting on Thursday, as it plots a massive expansion of oil and gas production at a time of deepening worries about the impacts of climate change.
Nearly one-fifth of its shareholders voted to oust Ann Pickard, who chairs its suitability committee, while a contingent of protesters interrupted chief executive Meg O'Neill's opening address seven times by blowing loudly on whistles. 'No more gas,' one protester yelled. 'Gas is poison,' shouted another.
The sizable shareholder protest vote against Pickard, one of three directors up for re-election at the meeting, was partly attributed to long-held concerns that Woodside's strategic direction is out of step with international efforts to restrain rising temperatures.
'We believe the steps taken by Woodside so far fall short of what is needed to position it for the global transition to a low-carbon future,' said Jeff Brunton, the head of portfolio management at superannuation fund HESTA, which holds Woodside shares.
The $190 billion Aware Super also said its vote against Pickard reflected 'dissatisfaction' with Woodside's climate strategy.
'Our decision is underpinned by our belief that climate change is one of the most significant financial risks to our portfolio over the long term,' a spokesperson said.
Woodside was dealt a globally unprecedented backlash last year when more than 50 per cent of its shareholders defied the board in a so-called 'Say on Climate' vote over the credibility of its plans to continue operating in a carbon-constrained world.