Home > HESTA puts the heat on Woodside by seeking board renewal

HESTA puts the heat on Woodside by seeking board renewal

12 March 2024

HESTA has announced today that it is pushing for its own director nominees to be considered for election at Woodside’s upcoming annual general meeting (AGM).

This is an important climate-related escalation from HESTA and a tribute to the countless members who have been demanding greater climate action from their fund.

This action from HESTA comes fresh off the back of Woodside delivering another worthless climate strategy, the company having yet again failed to cease its dangerous oil and gas growth plans.

Thanks to the efforts of HESTA members, the fund has been ramping up pressure on climate wrecker Woodside in recent years, including putting the company on a public ‘watchlist’ back in 2022 and voting against the re-election of company directors in 2023.

By seeking to nominate company directors at Woodside, the fund has taken a decent step to escalate pressure on the company even further.

But there is more work to be done if HESTA is to demonstrate its active ownership efforts at Woodside can be effective in reining in the company’s destructive oil and gas expansion plans.

HESTA now needs to show its members that actions such as pushing for new board directors will force Woodside onto a pathway to a safe climate future, which means no new oil and gas projects.

HESTA must publicly demand and deliver an end to Woodside’s oil and gas expansion plans and commit to divesting from this climate wrecker, if Woodside fails to meet this demand.

The fund must also embolden other investors to support its actions by committing to voting:

  • AGAINST the re-election of incumbent company directors
  • AGAINST the company’s remuneration plan
  • AGAINST the company’s woeful climate strategy

HESTA members: take action!

Tell your fund to keep its foot on the accelerator and end Woodside’s destructive oil and gas expansion plans.

Take action!

Acknowledge HESTA’s progress and demand further action.

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