Woodside Energy’s climate plan rejected by shareholders in ‘globally unprecedented’ rebuke

Woodside Energy has suffered an embarrassing rebuke of its climate credentials after its emissions plan was overwhelmingly rejected by shareholders at its annual general meeting on Wednesday.

Investors lodged a 58% vote against Woodside’s climate report, representing the strongest protest recorded against any of the dozens of listed companies around the world that regularly put climate-related resolutions to shareholders.

The producer has also been criticised for pursuing plans to develop new fields, representing an expansion in fossil fuel production at a time opponents say the sector must rein in emissions.

Climate reports, which detail how a company plans to align operations with rising environmental concerns, are subject to non-binding votes and therefore don’t automatically trigger a policy change.

They are, however, a way for shareholders to express their disapproval, placing pressure on directors to change direction, especially given some of the world’s biggest investment and pension funds, including AustralianSuper, have now voted against Woodside’s plans.

Harriet Kater from the Australasian Centre for Corporate Responsibility, a shareholder advocacy group, said the scale of the report’s rejection was “globally unprecedented” and that the board must now act.