Australia’s largest superannuation fund has rejected allegations that it isn’t doing sufficient to cease “monstrous carbon bombs” being launched by Woodside Energy.
Shareholder activist organisation Market Forces on Tuesday alleged AustralianSuper’s actions in assist of Woodside’s growth have been a “clear cut case of greenwashing” and undermined the fund’s local weather guarantees.
AustralianSuper is among the high 5 shareholders in Woodside and stated it had gained local weather commitments from administration.
“We have met with Woodside on multiple occasions to discuss the company’s net-zero strategy, including its capital allocation and carbon reduction initiatives,” an AustralianSuper spokesman informed AAP.
This features a non-binding “say on climate” decision to be put to the annual normal assembly in 2024.
Companies are more and more giving shareholders a vote on local weather plans, together with massive emitters BHP, Origin, Rio Tinto and Santos.
“Before Woodside’s AGM, the board made a formal commitment to a 2024 ‘say on climate’ vote and to increase engagement with shareholders to address Scope 3 emissions and customer demand,” AustralianSuper stated.
In gentle of those commitments from the corporate, the tremendous fund stated it supported the three administrators looking for re-election.
The fund stated it was an “active investor” and would assess Woodside’s local weather technique and vote accordingly subsequent yr.
AustralianSuper has greater than three million members and $274 billion in belongings.
According to the Market Forces evaluation, out of 18 funds that voted in opposition to Woodside’s local weather plan in 2022, AustralianSuper was the one fund that didn’t escalate strain on the corporate by voting in opposition to the board in 2023.
The world’s largest asset supervisor, BlackRock, was amongst those who voted in opposition to the re-election of Woodside director Ian Macfarlane on local weather grounds in 2023.
Mr Macfarlane, as Australia’s longest-serving sources and power minister, oversaw the growth of the nation’s largest exports that now pose a problem as superior economies try to scale back their carbon footprints.
“AustralianSuper bought tens of millions of shares in Woodside last year and has failed to use this increased influence over the company to demand an end to its oil and gas expansion plans,” Market Forces campaigner Brett Morgan stated.
He stated “furious” account holders are demanding funds take stronger local weather motion as a substitute of enabling “monstrous carbon bombs” resembling Woodside’s Scarborough gasoline venture or opening up the Browse gasoline discipline off Western Australia.
“All super funds must end the greenwashing by immediately and publicly ramping up efforts to stop new or expanded fossil fuel projects in their tracks,” Mr Morgan stated.
AustralianSuper stated it will “continue to engage with the company in order to understand how it plans to transition its operations to deliver long-term value in a low-carbon environment”.
Woodside has been contacted for remark.
Source: www.perthnow.com.au
