Woodside Energy Group Ltd. | Amendment to the constitution on board conduct (proposal 6a)at Woodside Energy Group Ltd.

Status
6.65% votes in favour
AGM date
Previous AGM date
Proposal number
6
Resolution details
Company ticker
WDS
Lead filer
Individual
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Energy
Company HQ country
Australia
Resolved clause
The constitution of Woodside is not conducive to the rights of shareholders to place advisory resolutions on the agenda of a shareholder meeting. This is contrary to the long-term interests of Woodside, its board and shareholders. Passage of this resolution - to amend the Woodside constitution - will simply put Woodside in a similar position in regard to shareholder resolution as listed companies in the UK, US, Canada or New Zealand.
Supporting statement
Shareholder resolutions are a healthy part of corporate democracy in many jurisdictions. For example, in the UK shareholders can consider resolutions seeking to explicitly direct the conduct of the board. In the US, New Zealand and Canada shareholders can consider resolutions seeking to advise their board as to how it should act. As a matter of practice, typically, unless the board permits it, Australian shareholders do not enjoy the same rights as their UK, US, New Zealand or Canadian counterparts in this respect.
A board of directors is a steward for shareholders and accountability for the discharge of that stewardship is essential to long-term corporate prosperity. In some situations an appropriate course of action for shareholders is to formally and publicly alert the board that shareholders seek more information or favour a particular approach to corporate policy.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
AP7 For This resolution is necessary to allow shareholders to submit advisory shareholder resolutions.

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