Activist investor defies Woodside directors election citing climate risk, poor returns

The Australasian Center for Corporate Responsibility (ACCR), citing among other reasons failures to manage climate risks, expressed its disapproval on Thursday of all directors who are due to be elected at the Woodside Energy annual general meeting.

ACCR members filed statements attributing Woodside's failures, such as poor shareholder returns and inadequate climate risk management.

The activist investor's report stated that Woodside's shareholder returns were 168% below the ASX100 index and 83% below the MSCI World Energy index over the last 15 years, which indicates a significant underperformance compared to both the local and global market.

ACCR said that it continues to follow a high-cost, high carbon, low-value business strategy which has resulted in its poor financial performance.

ACCR noted that on the issue of climate risks management, 58% of Woodside shareholders voted against the Climate Transition Action Plan in 2024, marking the first majority vote ever against a climate plan by a company.

ACCR released a statement that said the following directors will not be voted for by ACCR at their next re-election in 2025: Ann Pickard, chair of sustainability committee; Ben Wyatt the current chair, audit and risk committee; and Tony O'Neill a member, sustainability committee.

(source: Reuters)