23 April 2026
Attributable to HESTA CEO Debby Blakey:
HESTA continues to engage closely with Woodside's directors and management on the company's long-term strategic direction and approach to the energy transition.
We acknowledge there has been progress on climate disclosure and a reduced reliance on carbon credits. However, we remain concerned Woodside's continued focus on growing its oil and gas portfolio carries transition risk that is currently not sufficiently mitigated by its long-term strategy.
We see opportunity for the board to provide greater challenge to the assumptions underlying the oil and gas focused strategy. In our view the sustainability committee lacks the transformation and new energy skills we consider necessary to drive a more ambitious approach.
In our assessment the remuneration package constructed for incoming CEO Liz Westcott is not adequately justified. The rise in total incentive opportunity appears excessive for an incoming CEO and out of step with its ASX peers.
These views have helped guide our voting decisions at the AGM.
Woodside remains one of our watchlist companies. Our engagement will focus on seeking a more ambitious approach to the energy transition that moves toward alignment with net zero emissions by 2050, a remuneration framework that better aligns executive reward with long-term shareholder value, and a board that is better equipped to challenge and guide strategy. These are long-term issues and HESTA will continue to push for progress on behalf of our members.
Voting summary, AGM 2026:
Ends.