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3w ago

Woodside Energy Faces Protests and Record Shareholder Dissent at AGM

Climate activists disrupted the meeting, while nearly 20% of shareholders opposed a key climate risk director as the company approved a $17.5 billion LNG project.

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Overview

  • Climate protesters disrupted Woodside Energy's annual general meeting in Perth, forcing multiple suspensions as they criticized the company's fossil fuel projects.
  • Proxy adviser Glass Lewis recommended shareholders block the re-election of Ann Pickard, chair of the climate risk oversight committee, citing inadequate climate strategy.
  • A record 19.45% of shareholders voted against Pickard's re-election, marking the highest dissent ever against a Woodside committee chair.
  • Major pension funds, including HESTA, Aware, and Norway's Storebrand, joined U.S. funds CalPERS and CALSTRS in opposing directors over climate concerns.
  • Woodside's board approved a $17.5 billion liquefied natural gas project in Louisiana, which will increase its LNG output to over 5% of global supply.