media release


12 April 2024


HESTA statement on Santos voting position


  • ·        HESTA voted against Santos chair.
  • ·        HESTA voted against remuneration package.
  • ·        HESTA voted for the election of new directors.


Santos remains a watchlist company, subject to HESTA’s escalation framework.


We voted against the company’s climate change transition plan in 2022. At the 2023 AGM, we voted against the re-election of directors on the company’s sustainability committee with predominately oil and gas backgrounds. 


As part of Santos’ watchlist position, last year we continued to build on our direct engagement with the company on climate change. We also communicated our expectations regarding Board skills, company strategy, First Nations engagement, and management of social license.


After limited response from the company, we have used share voting to push for greater action. We have voted against the chair, Keith Spence, based on his lack of engagement with and response to investor concerns.


HESTA also voted against the remuneration package due to management receiving short-term incentives above target for their management of community, landholder and First Nations relationships, and implementation of its strategy. HESTA has written to the company stating its management of First Nations relationships has not met investor expectations. We also voted against the remuneration package due to management receiving bonuses despite progress being rated below target on the expansion of low-carbon businesses.


Santos has taken positive steps to improve the mix of skills on its Board and so HESTA has voted for the election of new directors, Vickki McFadden and John Lydon. We believe both directors improve the diversity of Board skills. We also voted for the re-election of Vanessa Guthrie due to her considerable sustainability experience.




Media contact:

Sam Riley

General Manager Media Relations and Corporate Affairs

(03) 8660 1684


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