Woodside pushed for green cred
Legal avenues are being used to pressure Woodside Energy over its climate strategy.
Institutional investors and the Australian Centre for Corporate Responsibility (ACCR) have filed statements with Woodside Energy, demanding that the board be held accountable for the company's “repeated failure” to provide a credible climate strategy.
The ACCR and Betashares, along with Vision Super, are opposing the re-election of three Woodside directors: former Resources Minister Ian Macfarlane, former Shell Singapore chairwoman Swee Chen Goh and former ConocoPhillips senior executive Larry Archibald.
Woodside has claimed that the statements do not comply with the Corporations Act, stating that they refer to “the wrong Woodside legal entity”.
The investors have stated that Woodside's lack of response to shareholder concerns raises governance questions.
The company has also faced criticism for its lack of targets around Scope 3 emissions. Woodside has defended its actions, stating that it is investing in new oil and gas projects and focusing on “new energy” investments. The investors represent around 0.3 per cent of the company's register.