Monday 2 December: New Market Forces analysis reveals most top Australian super funds are greenwashing and failing to use their influence to drive greater climate action at major gas companies.
The analysis of the top 30 super funds’ voting disclosures finds that only six super funds cast a binding vote against the re-election of Woodside Energy’s Chair in 2024, while only two funds cast a vote against Santos’ Chair.
Chairs of Australia’s two largest gas producers, Woodside Energy and Santos, were up for re-election at this year’s annual general meetings in April.
Both companies are pursuing major new oil and gas projects out of line with global climate goals despite increasing investor pushback in recent years.
Brett Morgan, Superannuation Funds Analyst and Campaigner, said:
“Australia’s top super funds are backing down when they must be using all the tools at their disposal to stop gas companies from expanding, endangering the retirement savings of their members.
“HESTA’s efforts to drive change at Woodside this year have been a monumental failure, while AustralianSuper and Australian Retirement Trust are too busy being conned by gas industry greenwash to push for change.”
Two super funds pre-declared their intentions to vote against the re-election of Woodside’s Chair in 2024: Aware Super and Vision Super.
Eight super funds backed off pressure at Woodside through their voting activity in 2024 by not casting a vote against the re-election of the company’s Chair, following votes against the re-election of at least one Woodside director in 2023: Active Super, Australian Retirement Trust, CareSuper, Cbus, Equipsuper, HESTA, Rest and TelstraSuper.
Two super funds also backed off pressure at Santos through their voting activity in 2024, following votes against the re-election of at least one director in 2023: Aware Super and Rest.
“While on HESTA’s watchlist, Woodside has sanctioned a new oil field estimated to add 200 million tonnes of carbon pollution and bought a new LNG project that threatens a further 1.5 billion tonnes of emissions,” said Mr. Morgan.
“Australia’s top super funds must stop greenwashing and start taking decisive action to hold company directors accountable for risky and harmful gas expansion.”
Note to Editors
HESTA placed Woodside on an engagement ‘watchlist’ in September 2022, asking the company to demonstrate how its new or proposed fossil fuel projects fit within a 1.5°C emissions reduction scenario.
For media inquiries and interviews, contact Antony Balmain, +61-423-253-477, [email protected]