Activist Group Challenges Woodside Over Climate & Returns

The Australasian Centre for Corporate Responsibility (ACCR) announced its opposition on Thursday to the re-election of all directors up for vote at Woodside Energy’s (WDS.AX) upcoming annual general meeting. The activist group cited the company's poor handling of climate risks and financial underperformance as key reasons for its stance.

In a formal statement, ACCR criticized Woodside for persistent failures, including weak shareholder returns and a lack of effective climate risk management. The group pointed out that over the past 15 years, Woodside’s total shareholder returns have lagged significantly—168% behind the ASX100 and 83% lower than the MSCI World Energy index. This trend, according to ACCR, reflects the company's continued reliance on a costly, high-carbon strategy that fails to generate sufficient value.

Climate risk management remains a major point of contention. ACCR emphasized that in 2024, 58% of shareholders voted against Woodside’s Climate Transition Action Plan—the first time in history that a company’s climate strategy has been rejected by a majority vote. This, the group argues, signals deep dissatisfaction among investors regarding Woodside’s approach to sustainability.

As a result, ACCR is urging shareholders to vote against several key directors in the 2025 election, including Ann Pickard, chair of the sustainability committee; Ben Wyatt, chair of the audit and risk committee; and Tony O’Neill, a member of the sustainability committee.

With growing investor scrutiny and climate-related risks becoming more pressing, Woodside faces mounting pressure to rethink its strategic direction. The outcome of the upcoming vote could set a precedent for corporate accountability in the energy sector.