Woodside Energy CEO Meg O’Neill’s speech targeted by climate protests at fiery AGM

More than a dozen activists disrupted the company’s annual general meeting but when the proxies were counted, there weren’t enough votes to stop the re-election of one under-pressure director.

Woodside survived a fresh climate protest from industry super funds and environmentalists after all three of its directors put in front of shareholders secured sufficient support to claim their board seats in a combative AGM besieged by activists.

The Australian oil and gas company’s commitment to increasing fossil fuel production has put Woodside in the cross hairs of climate opponents - some of them its own shareholders - who attempted to topple the re-election of Ann Pickard. Ms Pickard received a protest vote of 19.45 per cent and her colleagues, Ben Wyatt and Tony O’Neill, were waved through with opposition of 4.2 per cent and 0.4 per cent.

Shareholders also targeted Woodside’s executive pay scheme but failed to land a strike with a protest vote of 15.3 per cent.

At the heart of the matter is Woodside’s vow to double LNG production within the next six years, which opponents insist will slow the global energy transition. Woodside rejects that, arguing gas allows economies to shift away from dirtier coal-fired power which has higher emissions.

Woodside chair Richard Goyder. Picture: Hanna Lassen/AFL Photos/via Getty Images

More than a dozen protesters blew whistles in a bid to drown out chief executive Meg O’Neill when she addressed the Perth meeting.

Security escorted those protesters out, though from time to time they were heard interrupting chair Richard Goyder. Those were also removed from the venue and asked by police to leave.

Ms O’Neill, whose home was previously targeted by activists, was unimpressed.

“I think it’s pretty juvenile. If you wanna have a conversation about climate change, we welcome that conversation. We welcome people who come as proxy voters and want to ask meaningful questions and engage in genuine discussion but it is very childish to stand up and shout,” the CEO said.

Woodside had asked investors to endorse the re-election of two directors and the election of a third but that seemingly innocuous task emerged as a de facto referendum on the company’s emissions profile in the absence of a vote on climate strategy.

Former Shell executive Ms Pickard’s protest vote is higher than the 16 per cent that opposed Mr Goyder’s re-election as chair in 2024, indicating the company is struggling to placate shareholder unrest.

More than 58 per cent of shareholders voted against Woodside’s climate action plan last year, a result Mr Goyder acknowledged was “disappointing”

Mr Goyder, however, said the vote for Ms Pickard was still an overwhelming endorsement of her, who he described as an outstanding director.

Brett Morgan, senior analyst at climate activist investor Market Forces, said the vote against Ms Pickard was a powerful message but ultimately the majority of shareholders had given Woodside the green light for its expansion strategy.

“Big Woodside investors including Hesta and Aware Super have sent a strong message to the company: reduce climate pollution or there will be consequences for the board,” Mr Morgan said.

“Most investors have failed to increase pressure on Woodside for ignoring last year’s world-record rejection of its climate plan, which is aligned with catastrophic levels of global warming.”

Disrupt Burrup Hub activists Matilda Lane-Rose, Emil Davey (L) and Jesse Noakes (R) leave Perth Magistrates Court after they escaped jail over their attempted protest at the home of Woodside Energy chief Meg O’Neill. Picture: Paul Garvey

The level of opposition hints Woodside’s climate conciliatory efforts are struggling to cut through with some investors.

Woodside in March released a revised climate action plan — including a Scope 3 emissions target for the first time as Ms O’Neill mounted a steadfast defence of the company’s commitment to reducing greenhouse gas emissions.

Ms O’Neill said Woodside is on track to cut its Scope 1 and 2 greenhouse gas emissions by 15 per cent by 2025 and 30 per cent by 2030, while it maintains an “aspiration” of net zero by 2050 or sooner.

Ms O’Neill insists the company is striking the right balance between investor returns and meaningful action on reducing emissions. It is also on an ambitious expansion path.

Woodside last week gave the green light to the construction of the $US17.5bn ($26.4bn) Louisiana LNG mega project.

And it is poised to finish work on its $12.5bn Scarborough project, which will deliver first gas next year.

The expansion will mean Woodside emerges as one of the world’s largest producers of LNG. Woodside has been hit by a series of protests historically, including one at Ms O’Neill’s home. Matilda Lane Rose, Jesse Noakes, Emil Davey and Gerard Mazza, all members of the Disrupt Burrup Hub group in 2023 were arrested outside Ms O’Neill’s property which they planned to damage.

An ABC crew were also present at the time, drawing widespread condemnation.

Still, returns-focused investors have cheered Woodside’s plan as a swathe of energy buyers from China, Japan and Korea have all signed long-term supply deals, illustrating regional demand for gas which the producer intends to capitalise on.

Originally published as Woodside Energy CEO Meg O’Neill’s speech targeted by climate protests at fiery AGM