SANTOS LIMITED | 8(c) Climate-related lobbying at SANTOS LIMITED

Status
14.58% votes in favour
AGM date
Previous AGM date
Proposal number
8
Resolution details
Company ticker
STO
Lead filer
ACCR
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Energy
Company HQ country
Australia
Resolved clause
Shareholders request that our company cease all private and public advocacy, both direct and indirect, that contradicts the conclusions of the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) on 1.5°C alignment, including advocacy relating to the development of new oil and gas fields.
Supporting statement
ACCR acknowledges our company’s support for the objectives of the Paris Agreement and its commitment to reach net-zero operational emissions by 2040.
The International Energy Agency’s (IEA) ‘Net zero by 2050’ scenario concluded that no new coal, gas or oil developments can proceed beyond 2021, in order to limit global warming to 1.5°C. The IPCC’s Special Report on Global Warming of 1.5°C concluded that in the absence of, or with only a limited use of carbon capture and storage (CCS), the share of primary energy provided by gas must decline by 20-25% by 2030, and by 53-74% by 2050 (relative to 2010).
Yet our company and its industry associations continue to advocate for the development of new and expanded oil and gas projects.
For the purposes of this resolution, 'direct advocacy' refers to activities conducted by company employees or board members. 'Indirect advocacy' refers to activities conducted by agents of the board or company, including but not limited to industry associations, registered lobbyists, consultants and advertising/marketing agencies.

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