Australia's Woodside Energy seeks investor support against proxy firm in 2023 meet

Australia's Woodside Energy (WDS.AX) on Monday asked shareholders to re-elect Ian Macfarlane as director at its annual meeting later this month, which proxy advisory firm Glass Lewis recommended against to protest the company's climate report.

Glass Lewis recommended against the reappointment of Macfarlane, Australia's former federal resources minister, due to the "continued lack of appropriate response to clear shareholder opposition to [the Board's] management of climate-related issues," Woodside Energy said in a statement.

The company's climate report won shareholder approval by a narrow 51% margin at last year's annual meeting and Woodside said it intends to put the report to a fresh, non-binding vote in its 2024 annual meeting.

Glass Lewis had opposed the 2022 report, saying it was concerned by Woodside's dependence on carbon offsets instead of operational changes to meet emissions reduction targets.

Woodside said that since then, it has met with investors and proxy advisors and made "enhancements" to its 2021 climate report.

However, the company added, "It is important to note that there are similarities to the 2021 climate report because it is the board's view that strategy should remain reasonably consistent given the long-term nature of the challenge."

Woodside, which released its 2022 climate report in February, also asked shareholders to approve its 2022 remuneration report at the upcoming AGM.