Major U.S. pension companies plan to resist the reappointment of the chairman at Woodside, an Australian oil and gas company.
Major Institutional Investors to Vote Against Woodside's Chair Over Climate Concerns
Woodside, an Australian energy giant, is facing opposition from major institutional investors ahead of its Annual General Meeting (AGM) scheduled for tomorrow. The investors are primarily concerned about the company's climate strategy and governance.
CalSTRS, CalPERS, and Storebrand, three influential institutional investors with a combined asset value of approximately $850 billion, have announced their intention to vote against the reappointment of Woodside’s chair, Ann Pickard. CalSTRS also opposes the election of Anthony O'Neill.
The opposition to Pickard's reappointment is due to mounting pressures over Woodside’s climate strategy. Storebrand's decision to vote against Pickard is explicitly motivated by climate concerns, as they view her leadership as not adequately addressing climate change risks or aligning the company’s strategy with the transition to a low-carbon economy.
CalPERS has also opposed the re-election of Ben Wyatt, Woodside's director, over similar concerns. Under Pickard's supervision, Woodside has embarked on sustained fossil fuel production and committed $18 billion to an LNG project in the US, which is expected to add 1.6 billion tonnes of CO2 emissions over the next 40 years.
The Australasian Centre for Corporate Responsibility (ACCR) has called for a vote against all directors due to Woodside’s continued expansion and reliance on fossil fuel projects that threaten to lock in high greenhouse gas emissions for decades, undermining global and Australian carbon reduction commitments.
The specific climate concerns related to this decision include the company’s perceived lack of action in addressing climate change risks, misalignment with the transition to a low-carbon economy, and broader governance issues such as concerns around board independence and transparency in relation to climate governance.
This news was reported in The Australian newspaper, with the opposition to Woodside’s chair reappointment fundamentally about climate leadership and governance, with worries that current management and board practices fail to mitigate the growing financial and environmental risks posed by Woodside’s fossil fuel expansion plans.
Last year, a majority of 58% of investors opposed Woodside's climate transition plan, indicating a growing concern among investors about the company's approach to climate change. For this year's AGM, Woodside has opted not to put the climate transition strategy to a vote, further fueling the concerns of the institutional investors.
The NZI Charities and Endowments Summit was held in London on June 12, 2026, but it is not directly related to the information in the paragraph.
Investors CalSTRS, CalPERS, and Storebrand, collectively managing around $850 billion in assets, plan to vote against Woodside's chair, Ann Pickard, at the upcoming AGM, expressing concerns about her climate strategy's insufficient addressing of climate change risks and misalignment with the transition to a low-carbon economy in environmental-science, as well as business and finance implications. The opposition to Pickard's reappointment follows Woodside's commitment to fossil fuel production and an LNG project expected to emit 1.6 billion tonnes of CO2 over the next 40 years.
