Woodside Energy Group Ltd. | 2(b) To re-elect Mr Ben Wyatt as a director at Woodside Energy Group Ltd.

Status
Filed
AGM date
Previous AGM date
Resolution details
Company ticker
WDS
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
  • Governance
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Director vote
Filer type
Management
Company sector
Energy
Company HQ country
Australia
Resolved clause
Responsibility for Woodside’s inadequate response to shareholders’ climate concerns, misguided growth strategy and sub-standard returns sits with the board of directors. Investors should respond to the governance concerns raised by these issues by voting against all incumbent directors at Woodside's annual general meeting on 8 May 2025 in Perth, Western Australia.
Supporting statement
Despite a world record 58% vote against Woodside’s Climate Transition Action Plan (CTAP) in 2024, the company continues to reject investor demands for a genuine climate risk management strategy and remains aligned with “3.4°C” of warming.[1] Investor engagement with Woodside has so far failed to avoid increased emissions through new oil and gas development. Stronger stewardship measures are required to align Woodside with investors’ climate goals.

Woodside’s Louisiana LNG project is a testament to the company’s priorities: massive gas production growth whilst abating only a tiny fraction of emissions. Woodside continues to pursue a risky, high capital expenditure oil and gas growth strategy with a potential pipeline of eight new oil and gas developments.

Poor shareholder returns during high capital expenditure (capex) periods have shown Woodside struggles to adequately manage growth and returns.

Responsibility for Woodside’s inadequate response to shareholders’ climate concerns, misguided growth strategy and sub-standard returns sits with the board of directors. Investors should respond to the governance concerns raised by these issues by voting against all incumbent directors.

For more information, see Market Forces' latest Woodside Energy investor update: https://investorbriefings.marketforces.org.au/link/236518/

[1] https://www.msci.com/our-solutions/esg-investing/esg-ratings-climate-search-tool/issuer/woodside-energy-group-ltd/IID000000002189728

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