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Woodside faces investor wrath over climate concerns

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According to Reuters News:

Woodside Energy Group Ltd (WDS.AX) faces an investor backlash at its annual general meeting on Friday, as shareholder groups call for a vote against its executive pay and seek to remove three directors Woodside Energy Group Ltd (WDS.AX) faces an investor backlash at its annual general meeting on Friday, as shareholder groups call for a vote against its executive pay and seek to remove three directors over what they say is an inadequate climate strategy.

Investors want the country's biggest independent oil and gas producer to publish a comprehensive climate strategy after its 2022 plan released in February closely resembled its 2021 plan, which was voted against by nearly 49% investors for failing to set meaningful emission reduction targets.

The groups said they plan to vote against the re-election of directors Ian Macfarlane, a former Australian resources minister, former Shell Singapore chairperson Swee Chen Goh and former ConocoPhillips senior executive Larry Archibald.

Proxy advisory firm Glass Lewis plans to support the campaign against the three directors, citing environmental concerns, and direct votes against Woodside's remuneration report, Australian media reported.



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