Santos

Santos is one of Australia’s largest producers of oil and gas, and is pursuing massive expansion plans consistent with the failure of the Paris Agreement.

According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production can proceed. The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”

It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Santos is pursuing massive new oil and gas projects consistent with the failure of these goals, and many Australian financial institutions continue to support Santos and its climate-wrecking projects.

Almost every super fund in Australia invests members’ retirement savings in Santos, and at least 27 Australian and international banks—including ANZ, CommBank, NAB and Westpac—have provided finance to the company. Many of these financial institutions claim to support the Paris Agreement and net zero emissions by 2050, yet continue to support a company pursuing plans consistent with the failure of these goals.

Santos is undermining a stable climate future by pursuing new oil and gas projects. Our super funds and banks must stop investing in Santos and its climate-wrecking projects and plans now.

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Tell your super fund to stop investing in Santos and its climate-wrecking expansion plans

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As a member, I am writing to demand that our fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has revealed that the default investment options of Australia’s 30 largest super funds collectively own 8% of Woodside’s shares and 9% of Santos’ shares.[1] While some funds have been using their investments to vote for climate action at these companies’ annual general meetings (AGMs), many have let Santos and Woodside continue to get away with their dirty and destructive plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Yet many super funds are pouring more money into these climate wreckers and failing to use their leverage as investors to demand and deliver an end to their rampant fossil fuel expansion plans. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly failed to respond to investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that investor engagement is currently failing to rein in the expansion plans of companies like Woodside and Santos, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Active Super
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To Active Super, As an Active Super member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified that Active Super voted against the re-election of three directors at Woodside’s annual general meeting (AGM) this year.[1] While this is a good step forward, Woodside has failed to respond to this pressure and urgent action is now needed to prevent this climate wrecker from continuing to pursue its oil and gas expansion plans. While it was disappointing to see Active Super voting in line with Santos management at the company’s AGM this year, it is pleasing to see that the fund’s default option has halved its investments in this climate wrecker in 2022. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors – including Active Super – voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like Active Super voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that Active Super’s pressure is failing to rein in Woodside’s expansion plans, and urgent escalation measures are now needed to demonstrate consequences to both Woodside and Santos for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Australian Retirement Trust
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To Australian Retirement Trust (ART), As an ART member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified that ART voted against the re-election of Woodside director Ian Macfarlane at the company’s annual general meeting (AGM) this year.[1] While this is a good step forward, Woodside has failed to respond to this pressure and urgent action is now needed to prevent this climate wrecker from continuing to pursue its oil and gas expansion plans. It is disappointing to see that ART voted in line with Santos management in 2022 and 2023, despite this company showing no signs of curbing its expansion plans which would lock in increased emissions for decades to come. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors – including ART – voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like ART voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that ART’s pressure is failing to rein in Woodside’s expansion plans, and urgent escalation measures are now needed to demonstrate consequences to both Woodside and Santos for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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AustralianSuper
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To AustralianSuper, As a member of AustralianSuper, I would like to make a formal complaint. I was appalled to learn that after voting against Woodside’s climate plan in 2022, AustralianSuper failed to escalate pressure on Woodside this year and instead voted in line with the company’s management on every item at its annual general meeting (AGM). The fund must take immediate action to rectify this by publicly demanding an end to Woodside’s oil and gas expansion plans and divest from this company should it fail to comply. New analysis has identified that AustralianSuper bought tens of millions of shares in Woodside in 2022, yet failed to use this increased leverage to vote for climate action at Woodside’s AGM this year.[1] AustralianSuper has been identified as the only fund that voted against Woodside’s climate plan in 2022 but disclosed no votes against management in 2023. An unprecedented 35% of investors voted against the re-election of Woodside director Ian Macfarlane this year, yet AustralianSuper threw its full support behind Woodside’s board. By doing so, AustralianSuper has signalled its tacit approval of the company’s oil and gas expansion strategy. Woodside has since decided to proceed with a dirty new oil field that is expected to cause 215 million tonnes of carbon emissions over its lifetime, equivalent to almost half of Australia’s annual emissions.[2] Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[3] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. AustralianSuper must demand and deliver an end to the expansion plans of Woodside and Santos in line with the fund’s own commitment to net zero emissions by 2050 and support for the Paris climate goals. I look forward to a resolution to my complaint within two weeks. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/woodside-trion-oil-field-final-investment-decision/ [3] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Aware Super
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To Aware Super, As an Aware Super member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified that Aware Super voted against the re-election of three directors at Woodside’s annual general meeting (AGM) this year, as well as against the re-election of company director Yasmin Allen and the remuneration report at Santos.[1] While this is a good step forward, Woodside and Santos have failed to respond to this pressure and urgent action is now needed to prevent these climate wreckers from continuing to pursue their oil and gas expansion plans. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors – including Aware Super – voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like Aware Super voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that Aware Super’s pressure is failing to rein in Woodside and Santos’ expansion plans, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Cbus
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To Cbus, As a Cbus member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified that Cbus voted against the re-election of Woodside director Larry Archibald and the company’s remuneration report at its annual general meeting (AGM) this year, as well as against the re-election of two directors and the remuneration report at Santos.[1] While this is a good step forward, Woodside and Santos have failed to respond to this pressure and urgent action is now needed to prevent these climate wreckers from continuing to pursue their oil and gas expansion plans. After a record 49% of investors – including Cbus – voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like Cbus voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that Cbus’ pressure is failing to rein in Woodside and Santos’ expansion plans, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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GESB
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To GESB, As a GESB member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has revealed that the default investment options of Australia’s 30 largest super funds collectively own 8% of Woodside’s shares and 9% of Santos’ shares.[1] While some funds have been using their investments to vote for climate action at these companies’ annual general meetings (AGMs), many have let Santos and Woodside continue to get away with their dirty and destructive plans. Disappointingly, GESB was one of the funds which voted in favour of both Woodside and Santos’ appalling climate plans in 2022, and has not disclosed how it voted at these companies this year. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Yet many super funds are pouring more money into these climate wreckers and failing to use their leverage as investors to demand and deliver an end to their rampant fossil fuel expansion plans. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly failed to respond to investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that investor engagement is currently failing to rein in the expansion plans of companies like Woodside and Santos, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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HESTA
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To HESTA, As a HESTA member, I am writing to demand that the fund immediately escalates pressure on Woodside by publishing a timeline for divestment from this climate wrecker, and escalates pressure on Santos by publicly demanding an end to its fossil fuel expansion plans and divesting from this company should it fail to comply. New analysis has identified that HESTA voted against the re-election of three directors and for the ‘capital protection’ shareholder resolution at Woodside’s annual general meeting (AGM) this year, as well as against the re-election of company director Janine McArdle and for the ‘capital protection’ shareholder resolution at Santos.[1] While this is a good step forward, Woodside and Santos have failed to respond to this pressure and urgent action is now needed to prevent these climate wreckers from continuing to pursue their oil and gas expansion plans. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors – including HESTA – voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like HESTA voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that HESTA’s pressure is failing to rein in Woodside and Santos’ expansion plans, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Hostplus
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To Hostplus, As a Hostplus member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified Hostplus to be the only fund out of Australia’s 30 biggest super funds that has disclosed votes in line with management on all items at both Woodside and Santos’ annual general meetings (AGMs) in 2022 and 2023.[1] This is appalling behaviour for a fund with a target to achieve net zero emissions by 2050, as Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Both companies are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that urgent escalation measures are now needed to demonstrate consequences to both Woodside and Santos for continuing to push ahead with their climate-wrecking projects. Hostplus must demand and deliver an end to the oil and gas expansion plans of Woodside and Santos in line with its own climate commitments. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Rest
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To Rest, As a Rest member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified that Rest voted against the re-election of Woodside director Ian Macfarlane and for the ‘capital protection’ shareholder resolution at the company’s annual general meeting (AGM) this year, as well as against the re-election of company director Janine McArdle and for the ‘capital protection’ shareholder resolution at Santos.[1] While this is a good step forward, Woodside and Santos have failed to respond to this pressure and urgent action is now needed to prevent these climate wreckers from continuing to pursue their oil and gas expansion plans. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors – including Rest – voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like Rest voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that Rest’s pressure is failing to rein in Woodside and Santos’ expansion plans, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Spirit Super
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To Spirit Super, As a Spirit Super member, I am writing to demand that the fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting from these companies should they fail to comply. New analysis has identified that Spirit Super voted against the re-election of Woodside director Ian Macfarlane and against the company’s remuneration report at its annual general meeting (AGM) this year.[1] While this is a good step forward, Woodside has failed to respond to this pressure and urgent action is now needed to prevent this climate wrecker from continuing to pursue its oil and gas expansion plans. It is disappointing to see that Spirit Super voted in line with Santos management in 2022 and 2023, despite this company showing no signs of curbing its expansion plans which would lock in increased emissions for decades to come. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors – including Sprit Super – voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly ignored investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Despite increased pressure on these companies from funds like Spirit Super voting against management at their AGMs, neither company is showing any sign of ending its oil and gas expansion plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that Spirit Super’s pressure is failing to rein in Woodside’s expansion plans, and urgent escalation measures are now needed to demonstrate consequences to both Woodside and Santos for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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UniSuper
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To UniSuper, As a UniSuper member, I am writing to demand that our fund immediately escalates pressure on Woodside and Santos by publicly demanding an end to their fossil fuel expansion plans and divesting its remaining holdings in these companies should they fail to comply. New analysis has revealed that the default investment options of Australia’s 30 largest super funds collectively own 8% of Woodside’s shares and 9% of Santos’ shares.[1] While some funds have been using their investments to vote for climate action at these companies’ annual general meetings (AGMs), many have let Santos and Woodside continue to get away with their dirty and destructive plans. Woodside and Santos are hell-bent on expanding oil and gas, shrugging off dire warnings from climate scientists and ignoring the community‘s demands for a safe climate future. Yet many super funds are pouring more money into these climate wreckers and failing to use their leverage as investors to demand and deliver an end to their rampant fossil fuel expansion plans. After a record 49% of investors voted against Woodside’s climate plan in 2022 and an unprecedented 35% of investors voted against the re-election of Woodside director Ian Macfarlane this year, the company has clearly failed to respond to investor calls for a more ambitious climate strategy and is instead pushing ahead with a new oil field in the Gulf of Mexico. Similarly, a 37% vote against Santos’ climate plan in 2022 followed by 18% of investors telling Santos to ditch its oil and gas expansion plans this year has not deterred Santos from pursuing those reckless plans. Both Woodside and Santos are aiming to significantly ramp up oil and gas production this decade, which would see Woodside’s emissions increase by 40% by 2027 and Santos’ emissions increase by 40% by 2030, even assuming the full implementation of these companies’ utterly inadequate emissions reduction targets.[2] Urgent emissions reduction efforts are required to meet global climate goals such as net zero by 2050 and the 1.5°C goal of the Paris Agreement, and any company with plans to expand the scale of the fossil fuel industry is out of line with these goals. It is clear that investor engagement is currently failing to rein in the expansion plans of companies like Woodside and Santos, and urgent escalation measures are now needed to demonstrate consequences to these companies for continuing to push ahead with their climate-wrecking projects. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ [2] https://www.marketforces.org.au/investors/investor-briefing-woodside-santos-march-2023/ Sincerely,
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Vision Super
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To Vision Super, As a Vision Super member, I am writing to request that the fund escalates pressure on Woodside and Santos by publicly detailing a pathway to exiting its remaining holdings in these companies. New analysis has identified that Vision Super voted against management's recommendations on almost all items at Woodside and Santos' annual general meetings (AGMs) this year.[1] Further to this, by joining other investors in filing shareholder statements at Woodside this year, Vision Super has set a clear example for other funds to follow. While I appreciate Vision Super’s efforts in opposing Woodside and Santos’ oil and gas expansion plans, further action must now be taken as it is clear that Vision Super’s active ownership tools have failed to elicit a response from these companies, which are showing no signs of reining in their expansion plans. I am calling on Vision Super to escalate pressure on Woodside and Santos by publishing a pathway to exit the fund’s remaining holdings in these companies. [1] https://marketforces.org.au/super-funds-investments-voting-woodside-santos-analysis-2023/ Sincerely,
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Message for members of ethical funds (Australian Ethical, Cruelty Free Super, Future Super, Verve Super) and NGS Super
Good news! Your fund does not invest in Woodside or Santos.
Of course I want to get updates about this campaign from Market Forces!
- Of course I want to get updates about this campaign from Market Forces!
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TOOK ACTION: Super - Exposure to and voting at Woodside and Santos - Sep 2023
- TOOK ACTION: Super - Exposure to and voting at Woodside and Santos - Sep 2023

The super funds failing to rule out investment in Santos

Almost every single Australian super fund invests in Santos, using members’ retirement savings to support its climate-wrecking projects and plans. A handful of super funds have either substantially divested from, have some form of exclusion on, or have plans to phase out oil and gas producers, meaning that we are starting to see a trickle of divestment from Santos. However, this divestment is not happening at the scale nor pace commensurate with the climate crisis we face, and all super funds need to exclude companies like Santos from their portfolios altogether.

Of Australia’s biggest 30 super funds by assets under management (AUM), only one has implemented an exclusion on oil and gas producers, meaning the rest of these funds are using members’ retirement savings to support Santos’ massive expansion plans. Worse still, several super funds have voted against shareholder proposals calling on Santos to wind up its oil and gas production in line with the climate goals of the Paris Agreement.

We have also calculated and presented the below funds’ investments in Santos as a proportion of each fund’s total allocation to Australian listed equities (shares listed on the Australian stock market), as this allows for direct comparison between funds. Other data points, such as investment exposure as a proportion of the total fund, or dollar value of investments in these companies are incomparable because funds have different allocations to Australian listed equities and different amounts of money in the investment pool.

Has your super fund failed to rule out investment in Santos? Check the list below and take action!

Investment exposure to Santos of Australia’s 30 biggest super funds by assets under management

wdt_ID	Fund	Investment option	Investment exposure (% Australian listed equities)	Total member accounts	Total assets under management
1	Active Super	High Growth	1.44	87,000	13.6
2	AMP	MySuper 1970s	1.89	1,060,000	106.5
3	Australian Retirement Trust	Lifecycle Balanced Pool	1.07	2,216,000	247.4
4	AustralianSuper	Balanced	0.15	2,876,000	271.7
5	Aware Super	High Growth	1.51	1,155,000	150.7
6	Brighter Super	MySuper	1.21	128,000	32.5
7	CareSuper	Balanced My Super	1.51	219,000	19.8
8	Cbus	Growth	1.86	870,000	72.6
9	Colonial First State	FirstChoice Wholesale Growth	1.40	850,000	102.1
10	Commonwealth Bank Group Super	Balanced	2.02	68,000	12.5

Holdings information as at 31 December 2022.

Methodology and sources

Methodology

The scope of our analysis covers the default (or largest) investment option of Australia’s largest 30 super funds by assets under management (AUM), according to APRA’s June 2022 fund-level superannuation statistics. Further to these APRA-regulated funds, our analysis includes any state-regulated funds with AUM large enough to be included in the top 30 list.

Where mergers between super funds have occurred since June 2022, the single merged entity is listed on the table and occupies only one position on the table, unless the merged funds were found to have clearly separate default options with different investments.

The final analysis pertains to 30 funds. HUB24, Netwealth and Macquarie were excluded as they do not appear to have default investment options comparable to the rest of those captured in the study.

Portfolio holdings disclosures were collected for the final 30 superannuation fund options (see sources below). These holdings were filtered for Australian listed equities, and each option’s investments in Santos were identified. The investment exposure to Santos was then calculated as a percentage of total Australian listed equities in each option, using portfolio holdings disclosures effective as at and 31 December 2022.

Sources

Portfolio holdings disclosures for all funds are effective as at 31 December 2022, and were sourced from each fund’s website:

Fund	Investment option profiled	Fund	Investment option profiled
Active Super	Accelerator – High Growth	Hostplus	Accumulation Balanced
AMP	MySuper 1970s	Insignia Financial	IOOF Balanced Investor Trust
Australian Retirement Trust	Lifecycle Balanced Pool	Mercer	SmartPath 1969-1973
AustralianSuper	Balanced	Mine Super	High Growth
Aware Super	High Growth	MLC	MySuper Growth
Brighter Super	MySuper	NGS Super	Diversified MySuper
CareSuper	Balanced (MySuper)	OnePath	Smart Choice 1970s
CBUS	Growth (MySuper)	Rest	Core Strategy
Colonial First State	FirstChoice Wholesale Growth	Russell Investments	Goal Tracker
CommBank Group Super	Accumulate Plus – Balanced	Spirit Super	Balanced (MySuper)
Commonwealth Super Corp	PSS Default	State Super	Balanced
Equipsuper	Equip MySuper	Super SA	Triple S Balanced
ESSSuper	Growth	TelstraSuper	Balanced MySuper
GESB	My West State Super	UniSuper	Balanced
HESTA	Balanced Growth	Vision Super	Balanced Growth

TELL YOUR SUPER FUND TO RULE OUT INVESTMENT IN SANTOS TODAY

The banks financing Santos’ climate-wrecking business plans

Since 2018, a number of domestic and international banks—including ANZ, CommBank, NAB and Westpac—have either loaned to, or arranged finance for, Santos and its climate-wrecking projects and plans. All of Australia’s big four banks claim to support the goals of net zero emissions by 2050 and the Paris Agreement. However, all four of these banks have also loaned money to Santos, enabling the company to pursue oil and gas production projects consistent with the failure of these global climate goals.

Has your bank loaned to, or arranged finance for, Santos since 2018? Check out the list below and take action!

Banks that have loaned to, or arranged finance for, Santos since 2018

ABN Amro
ANZ
Bank of China
Bank of Communications
China Construction Bank
China Everbright Bank
Citigroup
Commonwealth Bank of Australia
Credit Suisse
DBS Bank
DNB ASA
First Commercial Bank
Goldman Sachs
Industrial & Commercial Bank of China (ICBC)

ING
Intesa San Paolo
Mega International Commercial Bank
Mizuho Bank
Morgan Stanley
MUFG Bank
National Australia Bank (NAB)
Natixis
Royal Bank of Canada
State Bank of India
Sumitomo Mitsui Banking Corporation (SMBC)
UBS Australia
United Overseas Bank
Westpac

Please note: This list was last updated on 30 August 2022. Banks listed in bold took part in August 2022 corporate refinancing.

TAKE ACTION!

Send a message to the banks financing Santos and tell them to stop funding climate failure

Name*
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I am writing to you to express my disgust at your decision to provide finance for Australian oil and gas company Santos. This company is pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and has clearly proven itself incapable of aligning with these goals and unwilling to do so. Even after its August 2022 corporate loan, Santos is seeking even more finance for an expansion of its Darwin LNG project. I demand an answer to this email, confirming you will not take part in this transaction, and rule out any further finance for this company, whose fossil fuel expansion plans are consistent with the failure of the Paris Agreement. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production can proceed.[1] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[2] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Santos is pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has described Santos’ Barossa gas project as “...an emissions factory with an LNG by-product.”[3] Providing finance to this company (or failing to rule out future finance) is inexcusable. Santos has clearly failed to step into line with the Paris Agreement and net zero by 2050, and is instead heading in the opposite direction. I therefore demand that you immediately and publicly rule out future finance for Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://www.iea.org/reports/net-zero-by-2050 [2] https://productiongap.org/2021report/ [3] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
I want updates about this campaign from Market Forces!
- I want updates about this campaign from Market Forces!
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TOOK ACTION: Banks - Santos campaign web page - March 2022
- TOOK ACTION: Banks - Santos campaign web page - March 2022

Your email will be sent to ABN AMRO, Australia & New Zealand Banking Group (ANZ), Bank of China, Bank of Communications, China Construction Bank, China Everbright Bank, Citigroup, Commonwealth Bank of Australia (CBA), Credit Suisse, DBS Bank, Goldman Sachs, Industrial & Commercial Bank of China (ICBC), ING, Intesa San Paolo, Mizuho Bank, Morgan Stanley, MUFG Bank, National Australia Bank (NAB), State Bank of India, Sumitomo Mitsui Banking Corporation (SMBC), UBS Australia, United Overseas Bank, and Westpac.

Planning for climate catastrophe: the climate-wrecking projects and expansion plans Santos is pursuing

Santos is pursuing massive new oil and gas projects consistent with the failure of the Paris Agreement, including the dangerous and destructive Narrabri gas project in the Pilliga Forest, New South Wales (NSW). Santos has recently undergone a merger with Oil Search to make the combined business one of the 20 largest companies on the Australian Securities Exchange (ASX). This new fossil fuel giant has one main aim: produce more oil and gas. In fact, Santos is pursuing major new projects that would increase its production by at least 17% from 2020 to 2030, despite the urgent need for fossil fuel production to begin declining in line with global climate goals.

Beyond clearly contravening the IEA’s key conclusion that there is no room for new oil and gas production projects in the pathway to net zero emissions by 2050, a number of independent analyses of new oil and gas production projects being pursued by Santos reveals how significantly out of line they are with global climate goals. Carbon Tracker, for example, identified the proposed Dorado project as incompatible with the International Energy Agency’s (IEA) Sustainable Development Scenario (SDS)—a pathway that only aims to reach net zero emissions by 2070—let alone a net zero by 2050 scenario. The Dorado project is but one of several examples of Santos’ reckless pursuit of fossil fuel projects that undermine global climate goals.

Santos plans to drill 850 gas wells throughout the Pilliga Forest and surrounding farmland near Narrabri, NSW. The company is still desperately pursuing this toxic project, despite years of opposition from local Gomeroi Traditional Owners and farmers, as well as former Chief Scientist Penny Sackett, who has confirmed the project is inconsistent with the Paris Agreement and net zero by 2050.

Santos has even gone so far as to submit an application to the National Native Title Tribunal, in an attempt to extinguish Gomeroi Traditional Owner native title rights over the Pilliga. The Narrabri project makes it clear that Santos will stop at nothing in the pursuit of climate-wrecking gas, including trashing Indigenous cultural heritage.

Community members voicing opposition to the Narrabri gas project in NSW, 2014. Image courtesy of the Lock the Gate Alliance

Community members voicing opposition to the Narrabri gas project in NSW, 2014.
Image courtesy of the Lock the Gate Alliance

Santos has committed approximately $1.8 billion on the Barossa gas project, a massive new proposed gas field 300km North of Darwin, Northern Territory (NT). If the project goes ahead, Santos will transport gas from the Barossa field to an existing LNG processing facility in Darwin.

The extremely high carbon dioxide (CO2) content of Barossa gas is three times greater than the Darwin LNG plant can handle, leading energy experts to state that the Barossa to Darwin LNG project looks like it’s shaping up to become “…a CO2 emissions factory with an LNG by-product.”

Traditional Owners are suing Barossa’s financiers to try to stop the project, as “some Tiwi Islander and Larrakia elders fear the project will have detrimental impacts on their sea country and marine life.”

The Dorado oil and gas project is yet another proposed offshore oil and gas field, off the coast of Western Australia (WA). Santos has committed approximately $1.5 billion to Dorado, a joint venture with Carnarvon Petroleum of which Santos owns 80%.

Santos has announced Australia’s second-largest oil reserve discovery in the past five years at the Dorado field and intends to go ahead with the project despite the clear science confirming it is out of line with the Paris and net zero by 2050 climate goals.

The P’nyang gas field is located in the Western Province of Papua New Guinea. Despite being operated by ExxonMobil, Santos owns a 38.5% stake in the project. If the P’nyang project were to go ahead this decade, it could bring Santos’ 2030 production up to a massive 58% above its (combined Santos and Oil Search) 2020 baseline.

Trashing the environment and endangering lives

Santos has a history of causing environmental and social damage due to unsafe business practices. In 2013, Santos was responsible for an oil spill in Channel Country, Queensland, where a leak from a burst well head spilled 250,000 litres of oil into the surrounding environment over a five-day period. However, the Queensland Government’s Environment Department failed to prosecute Santos over the company’s environmental recklessness, despite having enough evidence to do so. Santos has also been responsible for several oil spills within the Great Barrier Reef World Heritage Area, and failed to report one of these spills for eight months, despite a requirement to report spills within five days.

Looking forward, Santos continues to shirk responsibility for the emissions from its climate-wrecking business activities. The company has a target to reduce its emissions by 26-30% (by 2030). However, this target only accounts for ‘scope 1 and 2’ (or ‘operational’) emissions, despite these only accounting for roughly 15% of the company’s overall emissions. Much of the remaining 85% of Santos’ emissions—its ‘scope 3’ emissions—come from customers burning its oil and gas for energy use. The chart (Figure 1) shows Santos’ deplorable 2030 emissions reduction targets have almost no impact on the company’s estimated emissions pathway, which is actually expected to increase due to its increasing production plans.

New Hope Corp's New Acland coal mine, February 2016

Figure 1: The estimated impact of Santos’ 2030 emissions reduction target vs. its estimated emissions profile

Santos’ claim of support for the Paris climate goals appears misleading, in light of the fact that the company’s increased production plans are likely to see its emissions increase over the next five to ten years. Taking Santos’ own production projections—applying conservative assumptions where required and assuming Santos fully implements its emissions targets—our analysis shows that Santos’ annual emissions are likely to sit more than 25% above a combined Santos and Oil Search 2020 baseline through 2026-2029, before falling back to 10% above 2020 levels in 2030 (assuming the P’nyang LNG project does not commence by then).

Santos has also been taken to court over its dodgy climate claims. It has been alleged, in an Australian Federal Court case, that Santos engaged in misleading and deceptive conduct by claiming to have a “…clear and credible pathway to achieve net zero emissions by 2040,” but failing to “…disclose that it has firm plans to increase its greenhouse gas emissions by developing new or existing oil and gas projects.”

A decommissioned coal seam gas (CSG) well in the Pilliga, NSW. Image courtesy of the Lock the Gate Alliance.

In 2001, an explosion at Santos’ Moomba gas plant killed one worker and injured three others. Santos pleaded guilty to three counts of “…failing to ensure its employees were safe from injury and risk to health,” but was fined a mere $105,000 for this horrific event. The company was also found responsible for another death in 2009, where a contractor was struck in the head and killed whilst working on Santos’ Pilliga site. The company pleaded guilty to this death, too, yet was fined only $120,000.

Santos pleaded guilty to breaching workplace safety laws after another explosion at its Moomba plant in 2004. This explosion caused a mercury gas leak, putting 13 workers on site at risk of “…serious harm or fatality,” several of which had to run through the toxic gas cloud to escape the explosion site. Santos was fined $84,000 (plus court costs) for this breach, after a long-running court case.

More recently, an engineering fault resulted in a Santos oil rig swinging uncontrollably from a crane and nearly crushing several workers to death.

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16 November 2023 All big four Australian banks have now released updated fossil fuel finance restrictions this year that have, to varying degrees, moved the dial on what they can’t finance going forward. But, like everything with the banks – the devil is in the...

NAB commits to future fossil finance restrictions, business as usual for next two years

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10 November 2023 Yesterday NAB announced that from 1 October 2025 it will require the majority of fossil fuel companies to have Paris-aligned transition plans in place in order to provide additional lending. From that deadline, to get a corporate or project...

Westpac takes two steps forward, one big step back

Nov 8, 2023

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Page last updated March 2022. Unless otherwise specified, all currencies are in AUD.

Disclaimer

The information provided by Market Forces does not constitute financial advice. The information is presented in order to inform people motivated by environmental concerns and take actions based on those concerns. Market Forces is organising data for environmental ends.

The information and actions provided by Market Forces do not account for any individual’s personal objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice.

Market Forces recommends all users obtain their own independent professional advice before making any decision relating to their particular requirements or circumstances. Switching super funds may have unintended financial consequences.

Market Forces does not receive funding from any super funds or other financial institutions.

For more information about Market Forces, please visit the about page of the site. To see how we profile super funds go to the methodology page.

TAKE ACTION!

Generic email

Active Super

Australian Retirement Trust

AustralianSuper

Aware Super

Cbus

GESB

HESTA

Hostplus

Rest

Spirit Super

UniSuper

Vision Super

Message for members of ethical funds (Australian Ethical, Cruelty Free Super, Future Super, Verve Super) and NGS Super

The super funds failing to rule out investment in Santos

Investment exposure to Santos of Australia’s 30 biggest super funds by assets under management

Methodology and sources

The banks financing Santos’ climate-wrecking business plans

Banks that have loaned to, or arranged finance for, Santos since 2018

TAKE ACTION!

Planning for climate catastrophe: the climate-wrecking projects and expansion plans Santos is pursuing

Trashing the environment and endangering lives

LATEST SANTOS NEWS

Big four banks make strides, but action still dangerously slow in a climate emergency

NAB commits to future fossil finance restrictions, business as usual for next two years

Westpac takes two steps forward, one big step back