Shareholders to vote on Woolworths' salmon farming operations
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The news: Woolworths Group has received notice of three resolutions ahead of its annual general meeting (AGM) in October, with shareholders pushing the supermarket giant to end its salmon farming operations in Macquarie Harbour in Tasmania.
The numbers: The supermarket giant said the notice had been received from shareholders representing around 0.004% of the group's shares.
Woolworths shares were flat at $35.68 at 12:30pm AEST.
The context: The three resolutions comprise:
- A special resolution to insert a new clause into Woolworths' company constitution, enabling shareholders through ordinary resolutions in general meetings to "express an opinion, ask for information, or make a request, about the way in which a power of the company partially or exclusively vested in the directors has been or should be exercised";
- An ordinary resolution requesting that Woolworths identifies and reports on the impacts of farmed seafood it procures for its own brand products on endangered species. The report should be published on the company's website by no later than 30 April, 2025; and
- An ordinary resolution requesting that Woolworths cease procuring farmed salmon for its own brand products from Macquarie Harbour in Tasmania by no later than 30 April, 2025.
Woolworths said that all three major salmon producers — each supplying supermarkets, independent fish shops and restaurants across Australia — are currently operating in Macquarie Harbour, as well as other locations across Tasmania.
Woolworths noted that it has considered the issues raised in the shareholders' resolutions and has been "actively engaged" with a broad range of interest groups and stakeholders. It said the issues were "complex", with a "range of implications for the environment, salmon industry, community and local economy".
In response to calls by scientists and environment groups, the government has pursued a number of initiatives aimed at boosting the endangered Maugean Skate population in Macquarie Harbour, which is at risk of extinction partly due to salmon farming operations.
Woolworths confirmed that its AGM, scheduled for 31 October, will include the three resolutions, together with the company's response and the board's voting recommendations.
What they said: "We support the work underway by the state and federal government to review the appropriate operation of the salmon industry in Tasmania," Woolworths said in a statement.
"Responsible sourcing of seafood is important to our business and underpinned by our seafood sourcing policy," it said. "Our policy requires our own-branded seafood sold in Australia to be third-party certified or independently verified as ecologically responsible."
The source: ASX announcement
