Company Profile

Santos

Santos’ climate-wrecking oil and gas expansion plans and the financial institutions backing them

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. The company is currently building the Barossa gas project off the coast of the Tiwi Islands and is seeking to build the Narrabri gas project in New South Wales.

Jump to:

Banks financing Santos ›

Super funds financing Santos ›

In April last year, Tiwi and Larrakia Traditional Owners filed human rights complaints alleging that the big four Australian banks – ANZ, Commonwealth Bank, NAB and Westpac, the three Japanese megabanks MUFG, Mizuho and SMBC and a host of international financiers breached their human rights commitments by participating in a $1.5 billion loan related to Santos’ destructive Barossa gas project.

In March this year Gomeroi Traditional Owners won an appeal in the Federal Court. The Federal Court ruled the Native Title Tribunal should have considered climate change before issuing approval for the Narrabri gas project. Gomeroi Traditional Owners Dororthy Tighe, Sidney Chatfield and Raymond Weatherall attended the Santos annual general meeting this year, making it clear to the company they did not consent to Santos’ Narrabri gas project going ahead.

Will you email the banks calling on them to stop supporting Santos and its destructive projects?

Take Action

Tell ANZ, NAB and Westpac to cut ties with Santos

Name(Required)

First Last

Email Address(Required)

Subject

Your message to ANZ, NAB, and Westpac

(A salutation to the CEO and Chair of each bank will be added to the top. Your name will be automatically added to the bottom of the email.)

This is a major warning.

Your bank must not go ahead with the $500 million loan to Santos on 23 August. You have just days to prove that your commitment to a safe climate is legitimate, otherwise your bank will lose all climate credibility.

As a Net Zero Banking Alliance (NZBA) member your bank has committed to transitioning your lending and investment portfolios in line with the goals of the Paris Agreement.

The IPCC and IEA have made it clear that any new and expanded fossil fuel projects are not compatible with a 1.5°C scenario, and that existing and committed fossil fuel infrastructure is already enough to push us past the 1.5°C threshold you have committed to.

Santos is currently building two new massive projects that are yet to come online and are also desperately trying to get another three new oil and gas projects underway. Your bank should be cutting ties with this climate wrecker, not showering them with more cash.

On climate grounds alone, your bank should not be party to this deal, but Santos’ projects are not only harming our climate: they also face criticism for risking violations of international human rights standards and harm to the ecosystems that these devastating projects take place on.

I understand that despite your bank’s commitment to the principles of ‘free, prior and informed consent’ recognised in your human rights policy, your bank loaned to Santos in 2022 while the Tipakalippa proceedings on adequate consultation were on foot. This formed the basis of a human rights complaint from Tiwi and Larrakia Traditional Owners, a complaint which your bank dismissed.

To make way for the Santos Barossa gas pipeline Santos will dredge and trench 61 km of sea floor through northern Australia’s most important marine park at the Oceanic Shoals. The pipeline is likely to destroy the habitats of dozens of threatened species including whales, dugongs and turtles. The pipeline will cut through the Charles Point reef fish protection zone, the Northern Territory’s most important marine protected area.

By providing Santos hundreds of millions of dollars you are enabling these harmful practices to continue and potentially worsen as the company pursues new projects.

It is vital that your bank pull out of this deal before 23 August. If not you will demonstrate that your climate promises are nothing more than empty words.

Your bank is either committed to a safe climate, First Nations rights and justice, and a liveable future for all Australians – or you’re with Santos and backing runaway climate change.

I urge you to pull out of this loan. Australia is watching.

Sincerely,

Yes, of course I want updates about Market Forces campaigns!

Hidden

TOOK ACTION: Banks - CommBank policy update - Aug 2024

Privacy policy

Banks refinancing Santos

All big four Australian banks – ANZ, Commonwealth Bank, National Australia Bank and Westpac are currently lending to Santos as are the three Japanese mega banks – MUFG, SMBC and Mizuho. All the banks have re-financing deals to Santos in August 2025. Customers from Australia and Japan are calling on these banks to stop investing in Santos.

People across the world were calling on MUFG to stop investing in companies expanding fossil fuels, including Santos. This comes after Tiwi Traditional Owners Therese Bourke and Pirrawayingi traveled to Japan to call on MUFG, SMBC and Mizuho to cut ties with Santos.

Tiwi Traditional Owners protest Santos Barossa project in Japan

Tiwi Traditional Owners Therese Bourke and Pirrawayingi traveled to Japan to call on MUFG, SMBC and Mizuho to cut ties with Santos.

International banks ING, CitiGroup and Royal Bank of Canada are also funding Santos and its destructive projects. Earlier this year a group of nuns from Sisters of St. Joseph of Peace lodged a resolution calling on CitiGroup to reporting on the effectiveness of Citigroup Inc.’s policies, practices, and performance indicators in respecting internationally recognized human rights standards for Indigenous Peoples’ rights in its existing and proposed general corporate and project financing. This included Santos, as the supporting statement clarified that:

“Citi simultaneously faces calls to end its financing relationship with Australian oil and gas company Santos, which is constructing the Barossa Gas Project off the north coast of Darwin, despite failing to obtain FPIC from a number of the Tiwi Traditional Owners. The Institute for Energy Economics and Financial Analysis has described the project as an “emissions factory with a gas by-product.” Citi has made multimillion dollar loans to Santos, whose Barossa project threatens several sacred sites, marine resources, and the seabed. The project’s impacts on these sites and the natural environment will have significant adverse effects on cultural survival, health and the lives of the impacted Tiwi communities. Various Tiwi Traditional Owners lodged human rights grievances against banks which fund Santos, including Citi.58 In 2022, drilling for the Barossa project was halted by Australian courts due to improper consultation with the Tiwi Traditional Owners.59 Santos has increased the cost of the Barossa project by $300 million as a result of the delays.”

More than a quarter of shareholders voted in favour of the resolution.

People around the world are standing up against Santos and its destructive projects.

Can you take action and call on the banks to cut ties with this toxic company?

Tell the banks to cut ties with Santos!

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.

In addition to the loans listed above, Santos has a number of ‘bilateral’ loan facilities with major international banks. During a bond roadshow in September 2023 Santos disclosed a list of its 16 existing bilateral loan facilities (as of June 30 2023). These facilities totalled US $1.8 billion and include the following loans:

Industrial Commercial Bank of China Limited, Sydney Branch – US $100m – Maturity: March 31, 2024
ING Bank (Australia) Limited – US$100m – Maturity: March 31, 2024
National Australia Bank
- US$35m (Tranche A) – Maturity: August 31, 2024
- US$80m (Tranche B) – Maturity: March 31, 2025
Westpac – US$100m – Maturity: August 31, 2024
Commonwealth Bank of Australia – US$50m – Maturity: March 31, 2025
Deutsche Bank AG, Sydney Branch – US$125m – Maturity: March 31, 2025
JP Morgan Chase Bank, Sydney Branch – US$150m – Maturity: March 31, 2025
Royal Bank of Canada – US$100m – Maturity: March 31, 2025
Sumitomo Mitsui Banking Corporation (SMBC), Sydney Branch – US$125m – Maturity: March 31, 2025
MUFG Bank, Ltd. – US$100m – Maturity: March 31, 2026
China Construction Bank Corporation – US$100m – Maturity: March 31, 2026
Morgan Stanley Bank – US$100m – Maturity: August 30, 2026
DBS Bank Ltd, Australia Branch – US$75m – Maturity: August 31, 2026
Australia and New Zealand Banking Group Limited – US$200m – August 31, 2026
Citibank, Sydney Branch – US$125m – Maturity: August 31, 2026
Mizuho Bank Ltd., Sydney Branch – US$150m, Maturity: March 31, 2028

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.

The Narrabri Gas Project

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

Barossa

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.”

Dorado

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.

P'nyang

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.

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!

Take Action

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

Super fund*
Name*
First Last
Email Address*
Hidden
Generic email
Subject
(You can edit this)
Your message to your super fund*
(Your name and the name of your super fund will be added automatically)
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,
Hidden
Active Super
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Australian Retirement Trust
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
AustralianSuper
Note: This will send a formal complaint to AustralianSuper.
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Aware Super
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Cbus
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
GESB
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
HESTA
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Hostplus
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Rest
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Spirit Super
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
UniSuper
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
Vision Super
Subject
(You can edit this)
Your message to your super fund*
(Your name will be added automatically)
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,
Hidden
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!
Hidden
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

Privacy policy

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

Take action

Santos news

International banks no longer involved with Santos’ Barossa gas project

Jun 17, 2024

News just broke that BNP Paribas and The Export-Import Bank of Korea, two major international banks, are no longer involved in the financing of Santos’ Barossa gas project. Tell Australian, Japanese, and other international banks to cut ties with Santos. It was...

ANZ rules out Papua LNG, leaves the door open to fund climate wrecking companies

May 9, 2024

This week ANZ announced that it would no longer provide direct financing to new or expanded oil and gas fields, new liquefied natural gas (LNG) export plants, and won’t bank any oil and gas company not already on their books. The announcement means that all big four...

Super funds are (so far) failing to vote for greater climate action this year

Apr 17, 2024

Some super funds have started disclosing how they voted at Santos’ annual general meeting (AGM) last week. The bad news is that several of these funds are wallowing in greenwash and failing to increase pressure on Santos to end its climate-wrecking oil and gas growth...

Tiwi, Gomeroi Traditional Owners and Market Forces demand Santos ends gas growth

Apr 10, 2024

MEDIA RELEASE Tiwi and Gomeroi Traditional Owners have joined with Market Forces to demand that Santos end its gas growth plans, which raise major human rights concerns and threaten the safety of all Australians due to massive climate emissions. On the eve of...

« Older Entries

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.

Join us

Subscribe for email updates: be part of the movement taking action to protect our climate.

Name(Required)

Email(Required)

Country(Required)

Santos

Santos’ climate-wrecking oil and gas expansion plans and the financial institutions backing them

Take Action

Banks refinancing Santos

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

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

The Narrabri Gas Project

Barossa

Dorado

P'nyang

The super funds failing to rule out investment in Santos

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

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

Methodology and sources

Santos news

International banks no longer involved with Santos’ Barossa gas project

ANZ rules out Papua LNG, leaves the door open to fund climate wrecking companies

Super funds are (so far) failing to vote for greater climate action this year

Tiwi, Gomeroi Traditional Owners and Market Forces demand Santos ends gas growth

Disclaimer

Join us