09:24 AM EDT, 04/08/2024 (MT Newswires) -- (Updates with Woodside Energy's ( WDS ) response in the seventh paragraph.)

Woodside Energy's ( WDS ) Chairman Richard Goyder is facing ouster calls from proxy adviser CGI Glass Lewis, which is recommending the company's shareholders vote against the re-election of Goyder, according to a Glass Lewis proxy paper emailed Friday.

Glass Lewis also recommended shareholders approve a climate transition action plan at the company's 2024 annual general meeting, following concerns over "the board's continuous lack of responsiveness to climate concerns from investors over multiple years."

Glass Lewis' proxy paper cited some shareholders' opposition to Goyder's re-election and the company's 2023 remuneration report as they argued that Woodside's growth strategy and remuneration production practices "disregard" stockholders' expectations and are inconsistent with climate benchmarks.

Additionally, Glass Lewis said shareholders argued that it is the responsibility of the board to set a "strategic direction" for the company, including climate risk management.

"The chair carries ultimate responsibility for the company's direction, and therefore it is the chair who must be held accountable for Woodside's current approach," according to the paper, citing the shareholders' position.

Woodside Energy's ( WDS ) annual general meeting will be held on April 24.

"The Woodside Board believes Mr Goyder is a highly capable and effective leader, and continues to provide valuable insight, stewardship and strength to the Board," a Woodside spokesperson told MT Newswires in an emailed comment. "We have listened carefully to our investors, who have asked for more detailed information about our climate action plans, which we have provided in our Climate Transition Action Plan and 2023 Progress Report."

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