Future Fund reveals it voted down Woodside's climate plan
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The news: The Future Fund was among nearly 60% of Woodside Energy investors who voted against the oil and gas company's latest climate plan at its annual general meeting in April.
The numbers: The fund voted against 8.5% of the 1,303 shareholder resolutions it participated in at the AGMs of Australian companies in which it is invested for the financial year ending 30 June, 2024.
The fund's incidence of voting against remuneration reports was slightly higher at 18.9%, and included voting against those of Abacus Group, Fortescue Metals Group, AVZ Minerals and Bank of Queensland.
The context: The Future Fund is one of a growing number of institutional investors on Woodside's share registry to be dissatisfied with the company's response to climate change.
Industry superannuation funds AustralianSuper, Aware Super and HESTA all voted against Woodside's climate transition action plan at the April AGM, which had recently been updated with a Scope 3 emissions policy.
While it voted against the climate plan, Future Fund supported the re-election of Richard Goyder, which some of the super funds also voted against.
The fund said modern slavery and climate change were the top two topics discussed at shareholder engagement meetings it held with company boards throughout the year.
During the year, the Future Fund also voted against board spill motions at AGL Energy, AMP and Cleanaway.
