Goyder plans to go again at Woodside

High-profile Woodside Energy chair Richard Goyder has been endorsed for reelection as a director of the LNG producer, ahead of its annual general meeting next month.

The company’s notice of AGM released this afternoon revealed Mr Goyder’s plan to put his hand up again at Woodside, and endorsement from other board members of the move.

Mr Goyder, who has sat on Woodside’s board since August 2017, resigned as chair of the Qantas board late last year after a period of intense public scrutiny relating to the airline’s reputational issues.

He is also chair of the AFL Commission, and was previously the long serving chief executive at conglomerate Wesfarmers.

Woodside’s AGM notice said Mr Goyder had the support of his fellow board members.

“Mr Goyder has reconfirmed that he has sufficient time to meet his responsibilities as a director of Woodside,” it said.

“The board believes that Mr Goyder is a highly capable and effective leader, and continues to provide valuable insight, stewardship and strength to the board and its deliberations generally as a result of his extensive business career and board experience.”

The recommendation followed an annual review of board performance.

Mr Goyder’s performance on the board at Woodside has been subject to external scrutiny.

In February, activist shareholder group the Australasian Centre for Corporate Responsibility issued a members’ statement calling on shareholders to oppose Mr Goyder’s re-election.

The group claimed the company’s board had been “persistently unresponsive” to shareholder concerns under his leadership, relating to climate risk management.

Superannuation fund HESTA, which is also a minor shareholder in Woodside, was this week revealed to be pushing climate-focused candidates for consideration as future board members.

Earlier this week, in a prerecorded presentation for the company’s climate briefing, Mr Goyder revealed the board was increasing the amount of weight placed on climate progress in its measurement of executive performance.

 “Accountability for our performance, our emissions reduction and new energy projects is critical to our success," he said.

"Therefore, from 2024 we’re elevating the link between executive remuneration progress and achieving these outcomes.”

Climate metrics will make up 15 per cent of the overall performance score, with 70 per cent measured against emissions reduction targets and 30 per cent against new energy project progress.

“Our governance of climate change reflects its strategic importance to our company,” he said.

“We must not only seek to thrive through the energy transition but show how we will thrive, and our climate transition action plan is intended to do exactly that.”

Shareholders will also vote on the company’s updated climate action plan at the AGM.

It will be the first shareholder vote on a Woodside climate transition plan since 2022, when 48.9 per cent of participating shareholders voted against that year’s plan.

Shareholders will also vote on the election of Ashok Belani, who joined the board in January following a long career at SLB and is billed as a decarbonisation expert.

“As part of our ongoing board renewal, it is important that our next non-executive director appointment has extensive expertise in new energy and petroleum sector decarbonisation,” Mr Goyder said at the time.

Long-serving board members Gene Tilbrook and Frank Cooper will depart the company following the AGM.