Shareholders urged to revolt against oil drilling in The Bight

Shareholders in the Norwegian oil giant Equinor have been urged to revolt against its plans to drill for oil in the pristine waters of the Great Australian Bight.

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Shareholders in the Norwegian oil giant Equinor have been urged to vote against its plans to drill for oil in the Great Australian Bight at the company’s annual general meeting.

Wilderness Society South Australia Director Peter Owen said shareholders friendly to the anti-drilling campaign would move a motion highlighting the danger to marine life and that “this use of capital is not in the interest of shareholders, and constitutes an unacceptable financial risk to our company”.

Director of the Wilderness Society of South Australia Peter Owen. Picture: Mike Burton

Mr Owen could not say what support the motion was expected to get on the floor of the AGM.

“Drilling in the Great Australian Bight, in the face of unprecedented levels of community resistance, is a material reputational and financial risk for Equinor,’’ he said.

Equinor is accepting public submissions for the environmental plan it has submitted to the Federal Government.

The approval process takes years to complete and is considered at arms’ length of government.

It is conducted by the National Offshore Petroleum Safety and Environmental Management Authority.

Equinor would not comment on an AGM vote yet to be taken, but the company is known to be supportive of rival opinions being debated on the floor of the meeting and allocates time for green groups to speak.

Environmental groups based in Europe are known to purchase shares in the company in order to have speaking rights at its AGM.

Patagonia Australia director Dane O’Shannassy said the company was one of a number of global supporters of the anti-drilling campaign.

He also backed the AGM motion.

“Patagonia stands with the Great Australian Bight Alliance members, traditional owners and coastal communities fighting to protect the Great Australian Bight,’’ he said.

A Burleigh Heads paddle out against proposed oil drilling at the Great Australian Bight. Picture: Lachlan Gardiner

“The continued efforts to expand the fossil fuel industry in the face of the climate crisis puts our future in jeopardy and threatens a unique and precious marine environment that deserves to be protected.’’

Seventeen southern Australian local governments have voted their concern or opposition to oil drilling in The Bight, with Warrnambool and Mt Barker councils recently passing motions.

Last year former Kangaroo Island Lord Mayor Peter Clements was invited to speak at the AGM by Greenpeace, which used its rights as a shareholder. The 2019 AGM will be held on May 15 in Stavanger, Norway.