Sean Smith: Woodside AGM is good theatre, but are the annual protests actually achieving anything?

Whistles, yelling and ejections. Just the regular annual showdown between climate activists and Woodside Energy, which on Thursday saw off another concerted campaign against the board that generated colourful fodder for social media but fell short of triggering change. Environmental groups had promoted the potential for an embarrassing annual general meeting rejection of Woodside directors standing for re-election by shareholders protesting the company’s perceived lack of action on climate change. Sustainability chair Ann Pickard was the main target. But there was also pushback against Ben Wyatt and Tony O’Neill. All survived easily. Pickard copped a 19.4 per cent protest vote. Conversely, anyone who stood in Saturday’s Federal election would be happy with 80.6 per cent backing. Wyatt’s re-election was opposed by just 4 per cent of Thursday’s votes. Barely 0.4 per cent were cast against O’Neill. A 15.3 per cent vote against Woodside’s remuneration report is cause for potential concern, though it was still well short of the 25 per cent required for a ‘first strike’ and an unlikely board spill the next year. The activists argue that the company’s pursuit of new oil and gas projects is at odds with its commitment to climate change goals. But even allowing for the remuneration report vote, they lack backing from most big investors. Sure, some of the major funds and institutions will have a crack over a non-binding climate change report, but there is no real support for voting off directors, giving shareholders more say in the running of Woodside or pulling it out of fossil fuels. It leaves the activists using the AGM to try and leverage their influence with investors, and get some prime-time media exposure. Last year, it was a flash-mob disrupting proceedings. On Thursday, Woodside chair Richard Goyder and boss Meg O’Neill were repeatedly interrupted by whistle-blowing demonstrators. Woodside responded by replaying company videos to drown out the protests. It’s all good theatre for Woodside’s opponents, but clearly aggravating for the diminishing turnout of mainly elderly shareholders.

Sean Smith: Woodside AGM is good theatre, but are the annual protests actually achieving anything?

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