Latest news with #AnnPickard
The Age
08-05-2025
- Business
- The Age
Australia's biggest gas company roasted for emissions failure
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.
Sydney Morning Herald
08-05-2025
- Business
- Sydney Morning Herald
Australia's biggest gas company roasted for emissions failure
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.
The Guardian
08-05-2025
- Business
- The Guardian
Woodside staves off investor climate concerns at fiery AGM beset by protesters
Woodside Energy has withstood a rebuke by shareholders of its climate plans by garnering sufficient support to retain its chosen board members and approve executive pay plans at a fiery annual general meeting on Thursday. A diverse group of investors, including fund managers and governance organisations, opposed the re-election of high-profile Woodside director Ann Pickard, a former Shell executive who chairs the committee responsible for overseeing climate risk at the Perth-headquartered oil and gas company. There was also a push by shareholders to vote down Woodside's remuneration report. While there was a moderate protest vote recorded against both resolutions, Pickard was re-elected with a comfortable majority, and the pay plans were approved, according to preliminary voting results. Sign up for Guardian Australia's breaking news email Critics believe Woodside's strategy is overly reliant on offsets, not aligned with Paris climate agreements, and does not seriously consider emissions produced by those using its gas. The super fund, Hesta, said ahead of the meeting it had voted against various resolutions including the re-election of Pickard over concerns that Woodside had no formalised net zero target. '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 and the company needs to do more to materially address the concerns voiced by investors,' a Hesta spokesperson said. Alex Hillman, lead analyst of the Australasian Centre for Corporate Responsibility, said Woodside was allocating most of its capital expenditure to 'high-cost fossil fuel projects in an industry that is in structural decline'. 'This persistent pattern of investor dissent and Woodside's failure to adequately respond shows this is a company with a major governance problem,' Hillman said. Woodside is on track to become one of the world's biggest gas producers after recently giving the go-ahead to a $US17bn ($26bn) development in Louisiana, and has unveiled an aggressive company-wide plan to double production within several years. Woodside was strident in its defence of its operations on Thursday at a meeting that was paused on multiple occasions to remove whistle-blowing protesters. A protester blows a whistle as the CEO of Woodside Energy, Meg O'Neill, speaks during the Woodside AGM in Perth on Thursday. Photograph: Richard Wainwright/Reuters The Woodside chair, Richard Goyder, said the company was an important part of the energy transition to renewables. 'We are determined for Woodside to play a constructive role in the global response to climate change, and are taking meaningful steps to achieve this,' Goyder said. skip past newsletter promotion Sign up to Breaking News Australia Get the most important news as it breaks Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion He said decarbonising the world is made harder if 'coal-to-gas switching, or carbon capture and storage are taken off the table'. While many oil and gas companies state their support for the landmark 2015 Paris agreement, policies often allow for the development of new fossil fuel reserves. A whistle-blowing protester at the Woodside AGM. Photograph: Richard Wainwright/AAP According to Intergovernmental Panel on Climate Change analysis, greenhouse gas emissions from existing fossil fuel infrastructure are more than enough to push the world beyond its climate goals. Shareholders voted down Woodside's emissions plan at last year's AGM, but the vote was nonbinding. The company angered some shareholders by not having a follow-up vote on the plan at this year's meeting. On Thursday, the protest vote against the re-election of Pickard came in at about 20%, while the remuneration report received a 15% 'against' vote, according to preliminary results. Brett Morgan, senior analyst at activist group Market Forces, said most investors had failed to increase pressure on Woodside after voting down the company's climate plan a year ago. He said investors have given Woodside the 'green light to massively increase emissions'.
Yahoo
13-03-2025
- Business
- Yahoo
Activist investor against Woodside directors' election due to climate concerns
(Reuters) -An activist investor is opposing the election of directors at an upcoming annual general meeting of Australian energy major Woodside Energy, citing poor returns and the company's failures in managing climate risks. The Australasian Centre for Corporate Responsibility (ACCR) said on Thursday that Woodside continues to follow a high-cost, high-carbon and low-value strategy that has led to its financial underperformance. Woodside's total shareholder returns over the past 15 years have been 168% lower than the ASX100 and 83% lower than the MSCI World Energy, indicating significant underperformance against both local and global markets, the activist investor said. ACCR said the firm failed to respond to investor feedback on climate risk management with 58% of shareholders voting against the Climate Transition Action Plan in 2024, marking the world's first majority vote against a company's climate plan. The activist investor recommends voting against Woodside directors Ann Pickard, the sustainability committee chair; Ben Wyatt, the current chair of the audit and risk committee; and Tony O'Neill, a sustainability committee member. Woodside is reviewing the activist group's member statement, a company spokesperson said in an emailed response to Reuters. "We consider the perspectives of all our shareholders as part of our decision-making."
Reuters
12-03-2025
- Business
- Reuters
Activist investor defies Woodside directors election citing climate risk, poor returns
March 13 (Reuters) - The Australasian Centre for Corporate Responsibility (ACCR) expressed dissent on Thursday against all directors due for election at the upcoming annual general meeting of Woodside Energy ( opens new tab, citing failures in managing climate risks, among other reasons. The ACCR filed members' statements attributed to Woodside's persistent shortcomings, including poor shareholder returns and inadequate management of climate risk. here. Woodside's total shareholder returns over the past 15 years have been 168% lower than the ASX100 and 83% lower than the MSCI World Energy, indicating significant underperformance against both local and global markets, the activist investor's statement outlined. ACCR added that the company continues to follow the same high-cost, high-carbon, low-value strategy that has led to its financial underperformance. On the issue of climate risk management, ACCR highlighted that 58% of shareholders in 2024 voted against Woodside's Climate Transition Action Plan, marking the world's first majority vote against a company's climate plan. Woodside directors, who will be voted against by ACCR in their upcoming re-election or election in 2025, are Ann Pickard, the chair of the sustainability committee, Ben Wyatt, the current chair of the audit and risk committee and Tony O'Neill, a member of the sustainability committee, ACCR said in the statement.
