HESTA industry super fund pushes for directors at Woodside Energy

One of Australia’s largest superannuation funds is pushing its nominees to become directors of oil and gas giant Woodside Energy, in the first sign that big super is flexing its shareholder muscle to influence companies at board level.Woodside chairman Richard Goyder and HESTA chair Debby Blakey.at its April annual shareholder meeting after announcing new climate targets for 2030 that environmental groups branded “meaningless” and lacking credibility.

“We have shared with Woodside for their consideration, independent and highly credentialed potential director candidates, whose new energy and business transformation skills we believe would add to the board’s current capabilities,” the fund said.HESTA is led by CEO Debby Blakey and chaired by the former Labor health minister and attorney-general Nicola Roxon, also chairwoman of

“We believe ongoing strong governance, culture and capabilities are required for the company to thrive through the energy transition and be well-placed for a low-carbon future.” In January, Woodside announced that two long-serving directors, Frank Cooper and Gene Tilbrook, would retire by April’s annual shareholder meeting.

Senior directors are bracing themselves for super funds to want a greater say in board composition as they become more powerful.Louise Kennerley One senior director was not concerned by the potential for super funds to put forward their preferred board candidates on the grounds retirement schemes tended to be long-term investors, and they would be genuinely interested in the direction of the company.But others argued it could give rise to conflicts of interest and confidentiality issues, while the directors who were put forward by the super funds might not have the skills needed by the board at that time.

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