media release

8 May 2025

Statement on HESTA's voting positions for Woodside's AGM

• AGAINST the remuneration plan
• AGAINST re-election of Ms Ann Pickard as a director
• ABSTAIN on election of Mr Tony O’Neill as a director
• FOR re-election of Mr Ben Wyatt as a director

Attributable to HESTA Head of Portfolio Management Jeff Brunton:

After HESTA and a majority of shareholders voted against Woodside’s Climate Transition Action Plan (CTAP) last year, we wanted to see a clear response from the company to restore investor confidence.

We believe the steps taken by Woodside so far fall short of what is needed to position it for the global transition to a low-carbon future and the company needs to do more to materially address the concerns voiced by investors.

This view has helped guide our voting positions at the company’s AGM. We have voted against the remuneration report as we believe executive remuneration outcomes were high relative to the shareholder experience, together with concerns regarding climate strategy and safety outcomes. While recognising her significant contributions, we have voted against the re-election of Ann Pickard as a director based on accountability for Woodside’s climate transition action plan as Sustainability Committee Chair.

We have voted for the re-election of Ben Wyatt, recognising the policy, government relations and stakeholder engagement skills he brings to the board. Finally, we have decided to abstain on the election of Tony O’Neill as a director on the basis we were unable to properly assess his suitability as he was unavailable to meet with shareholders prior to vote lodging.

Woodside remains on our watchlist as we push for stronger climate action designed to safeguard long-term shareholder value.

We remain concerned that Woodside has no formalised net zero target, that its scope 3 target lacks ambition, and that current decarbonisation plans are too reliant on offsets. Looking forward, the company’s decarbonisation pathway post 2030 appears unclear, and we urge Woodside to provide greater clarity, including on the impact of future projects.

In our view, these unaddressed issues continue to present material financial risks, and we will continue to engage with Woodside in the best financial interests of our members. 

Ends. 

Media contact:

Sam Riley

General Manager Media Relations and Corporate Affairs

(03) 8660 1684

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