media release
12 April 2024
Statement on HESTA's voting positions at Woodside AGM
Attributable to HESTA CEO Debby Blakey:
Woodside remains a watchlist company, subject to HESTA’s escalation framework. As part of this escalation approach, HESTA is involved in ongoing engagement with Woodside regarding their climate transition approach and board capability.
Through our ongoing engagement with Woodside, HESTA remains of the view that Woodside has an opportunity to meet the strategic challenge of climate change but that it will require the company to work together with a broad range of stakeholders.
Accordingly, Woodside’s board must build trust and confidence that decisions made now will drive long-term shareholder value and position the company well for the transition to a low carbon future. Woodside should, therefore, prioritise adding further new energy and business transformation skills to its Board. We believe there was an opportunity for Woodside to demonstrate more progress on board capability prior to the AGM. We’re looking for Woodside to fill vacant Board seats with appropriately skilled directors to catalyse the technological and cultural change required to prepare the business for the energy transition.
As engagement on this issue extends beyond this AGM, we voted for the re-election of the Chair, Richard Goyder. This decision reflects the constructive nature of ongoing engagement and our belief that there continues to be positive progress towards adding additional Board skills. HESTA voted for the election of Ashok Belani who brings technology and energy transition experience to the Board.
In relation to Woodside's Climate Transition Action Plan, we welcome the additional detail provided and the opportunity for investors to give feedback via a ‘Say on Climate’ vote. However, there remains a significant gap between the current plan and a 1.5C transition pathway.
Ends.
Media contact:
Sam Riley
General Manager Media Relations and Corporate Affairs
(03) 8660 1684