A key adviser to investors has recommended Woodside shareholders vote against plans to re-elect former federal resources minister, Ian Macfarlane to the company's board.

Glass Lewis has also recommended shareholders vote against a bumper pay increase for Woodside CEO Meg O'Neill, who could stand to earn a whopping $12.48M in total. The plan will be put to a vote at the company’s AGM, later this month.

Several Woodside directors are under pressure with their re-election to the Woodside board in doubt over Woodside's climate strategy. The company's 2022 climate report was rejected by nearly half of shareholders at last year's Woodside AGM.

The Australasian Centre for Corporate Responsibility is leading calls for shareholders to vote against the re-election of several members of Woodside's sustainability committee to the company's board. ACCR argues that Woodside directors should be held accountable for the “repeated failure” to present a credible strategy to address climate change concerns.

According to reports by The Australian newspaper, Woodside board members Larry Archibald and Swee Chen Goh could both join Mr Macfarlane in seeing their bid for re-election fail.

Anna Chapman, Fossil Fuels Program Manager at the Conservation Council of WA (CCWA) said that Woodside was now seeing the consequences of inaction on its widely discredited climate plan.

“Woodside’s 2022 climate plan was opposed by 49 per cent of its shareholders at last year’s AGM – that is unprecedented”, she said.

“Woodside has not aligned with investor expectations and failed to develop a credible climate plan. Rather than tackle these issues, they will just not provide a Say on Climate at the AGM.

“If shareholders can’t voice their concerns in response to the climate plan, then other means will be sought, such as targeting board members who sit on Woodside’s sustainability committee or going after executive pay.”

ENDS

MEDIA INFORMATION: The Conservation Council of WA (CCWA) is the state’s foremost non-profit, non-government conservation organisation representing close to 100 environmental organisations across Western Australia. 

For more information, visit: ccwa.org.au.

CONTACT: For any enquiries relating to this release, please contact Robert Davies

0412 272 570 or by email, [email protected]