Our votes on climate related resolutions for Woodside and Santos
The table below sets out our votes on climate related resolutions for Woodside and Santos.
While there were several reasons for these decisions, ultimately the votes reflect what is expected to be in the best interest of shareholders. The decisions were based on significant engagement with both Woodside and Santos on each issue, with consideration of the progress made to date on climate disclosures and expectations around future changes, and to ensure the appropriate governance and management of the companies.
| Company and meeting date | Proposal | GESB vote |
|---|---|---|
| Woodside Energy 19 May 2022 | Proposal 9 This resolution seeks shareholder approval of the Company's climate report. The Company's climate report summarises its climate-related plans, activities, progress, and climate-related data for the period 1 January 2021 to 31 December 2021. | FOR |
| Proposal 10(b) That the Company disclose how its capital allocation to oil and gas will align with a net zero by 2050 scenario. | AGAINST | |
| Proposal 10(c) That the Company cease climate-related lobbying activities that contradict the conclusions of the IEA and IPCC. | AGAINST | |
| Proposal 10(d) That the Company disclose a list of oil and gas decommissioning information in line with IEA Net Zero by 2050. | AGAINST | |
| Santos 3 May 2022 | Proposal 4 The Company seeks shareholder approval of its climate transition approach. The 2022 climate change report and climate transition action plan take into account feedback from shareholders and describe steps the Company is taking towards net-zero Scope 1 and Scope 2 emissions by 2040. | FOR |
| Proposal 8(b) That the Company disclose how its capital allocation to oil and gas will align with a net zero by 2050 scenario. | AGAINST | |
| Proposal 8(c) That the Company cease climate-related lobbying activities that contradict the conclusions of the IEA and IPCC. | AGAINST | |
| Proposal 8(d) That the Company disclose a list of oil and gas decommissioning information in line with IEA Net Zero by 2050. | AGAINST |
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