WOODSIDE PETROLEUM LTD. | 10(c) Cease all private and public advocacy, both direct and indirect, that contradicts the conclusions of the IEA and the IPCC on 1.5°C alignment

AGM date
Proposal number
10
Resolution details
Company ticker
WPL
Lead filer
Co-filers
Resolution ask
Other ask
ESG theme
  • Environment
ESG sub-theme
  • Climate Change
Company sector
Energy
Company HQ country
Australia
Supporting materials
  • woodside_resolutions_and_supporting_statements_2022_final1-2.pdf Download
  • ap7_resolutions_woodsidesantos_20220321.pdf Download
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 Paris Agreement and its aspiration to reach net-zero operational emissions by 2050.
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.
Direct advocacy
In 2021, InfluenceMap found that our company was the third most active company in Australia on climate and energy policy between 2018-21, scoring it D- (scale A-F) for its opposition to Paris-aligned climate policy.
While our company discloses its submissions on climate and energy policies, it does not disclose meetings with state and federal politicians.
In 2020-21, our company was the single largest corporate donor to the Labor, Liberal and National parties, donating a total of $232,000. Our company has confirmed that these donations provide access to political parties.
In late 2021, our company’s CEO Meg O’Neill and Senior Vice President-Climate, Tom Ridsill-Smith attended virtual events at COP26 to promote the use of fossil gas as a climate solution, and the reliance on offsets rather than actual emissions reductions, through the Indo-Pacific Offsets Scheme.
Our company’s former CEO Peter Coleman had a significant media presence. New CEO Meg O’Neill has continued this advocacy, by claiming that fossil gas will displace coal in Asia, and that our company only has two options to reduce emissions: offsets and carbon capture and storage.
In a demonstration of our company’s influence over the Western Australia Government, Premier Mark McGowan said his government “could intervene” if legal challenges were successful in delaying or stopping the Scarborough project.
Indirect advocacy
Our company published its first and only industry association review in October 2020. Industry associations were determined to be “aligned” if they:
- Support the Paris Agreement and global net zero emissions by 2050;
- Support appropriate protection to manage the costs of the transition;
- Support for lower-emissions technologies and other pathways to reduce/offset emissions.
The review identified “some misalignment” with just one organisation: the Canadian Association of Petroleum Producers (CAPP). Its membership was discontinued based on “current business priorities”, rather than policy misalignment.
The review failed to assess industry associations’ advocacy for new oil and gas developments, subsidies for new oil and gas infrastructure, or advocacy on emissions reduction policies.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Universities Superannuation Scheme - USS For We are supportive of the proposal to ensure alignment between the Company's public policy positions and the lobbying activities of related industry bodies.