Goyder defies concern to return as chairman
Under-fire corporate veteran Richard Goyder has survived as chairman of Woodside Energy after shareholders voted in favour of his re-election.
Mr Goyder had been targeted in the lead up to Wednesday’s annual general meeting by a proxy advisor and several investors and climate activists concerned about Woodside’s climate plans.
He had also been criticised for his time as the chairman of Qantas, given the multiple controversies under his watch that ultimately prompted his early retirement from that role.
While Mr Goyder did receive a higher than normal vote against his reappointment, he was still comfortably returned.
Voting results displayed at the meeting showed 921.2 million shares for his re-election, ahead of 184.9 million against.
Those figures did not include votes cast in the room on Wednesday.
Earlier, Mr Goyder used his address to thank those shareholders that had engaged with the company on its climate plans.
“I believe that all plans and ideas are improved when they are subject to scrutiny and constructive feedback, and this has been the case for Woodside over the past 12 months,” he said.
“In 2023, I held 43 meetings on climate change with investors and our investor relations team held 70, and since the beginning of this year I have held more than 40 meetings. We will continue to engage our shareholders on this important topic and take action accordingly.”
Mr Goyder said he recognised that directors of public companies were under increasing investor, media and stakeholder scrutiny.
“This has certainly been my experience in recent times, but I can assure you that I have never been more energised and excited to serve as chair of Woodside,” he said.
“The complexities of chairing an energy company as the world strives to decarbonise are many, but I firmly believe that Woodside’s track record during my time as chair – delivering strong operational and financial performance, laying the foundations for future growth, while continuing to return value to shareholders – speaks to the quality of our company’s current leadership and strategy.”
In the lead-up to the meeting, Germany’s Allianz Global Investors - with $877bn of assets under management - said it planned to vote against Mr Goyder, while proxy adviser Glass Lewis recommended shareholders do the same because of his “dismissive” attitude to concerns about emissions and climate.
Woodside Energy will not be dragged into climate commitments that do not stack up scientifically or financially, chief executive Meg O’neill said, as protesters and climate activists ramp up their efforts to target the company.
Ms O’neill defended the $54bn oil and gas producer’s record on climate action in her address to the company’s annual general meeting .
Glass Lewis and Germany’s Allianz Global Investors had both expressed their opposition to the climate plan and the re-election of Mr Goyder in the lead-up to the meeting.
In her shareholder address, Ms O’neill said she wanted to “speak plainly” on climate change.
Woodside is investing in a host of major new oil and gas projects around the world, with first oil from its Sangomar field in Senegal expected by the middle of this year.