Perth — April 24, 2026, 05:04 AWST
Woodside Energy Group Ltd shareholders gave the nod to Chief Executive Liz Westcott’s equity-based long-term incentive grant for 2026, pay that’s linked to her future performance. Still, 34.52% of votes came in against the proposal at Thursday’s annual meeting in Perth. Not a loss for Westcott—more a clear shot across the bow for the new CEO.
The vote lands just weeks after Westcott took on the permanent CEO role, with her focus now on rallying investors around a growth strategy anchored in major LNG developments. LNG—gas chilled to a liquid for tanker export—is key to Woodside’s pitch: Scarborough and Louisiana LNG projects are flagged as future drivers of value. But critics warn the company’s push for more oil and gas could expose it to transition risks.
Woodside held its AGM just ahead of its first-quarter results set for April 29, landing in a stretch that saw governance issues rattle oil majors worldwide. BP—now under ex-Woodside boss Meg O’Neill—ran into resistance on two board proposals at its annual meeting Thursday.
Woodside confirmed every resolution passed. Shareholders backed the remuneration report with 81.69% in favor, 18.31% opposed. The long-term incentive for Westcott saw slimmer support: 65.48% for, 34.52% against. Board seats looked more secure—Larry Archibald drew 92.22%, Arnaud Breuillac 95.92%, and new appointee Mark Cutifani landed 98.64%.
Woodside was looking for shareholder sign-off on a compensation package for Westcott totalling up to A$14.8 million (US$10.57 million), according to Reuters. That breaks down to A$2.2 million in base salary and another A$12.6 million in incentives, split between short- and long-term components. Westcott took over as permanent CEO in March, after a stint as interim boss following O’Neill’s jump to BP.
HESTA, one of Australia’s major pension funds, voted against the remuneration report, CEO share rights, and also rejected the re-election bids for Archibald and Breuillac. HESTA CEO Debby Blakey called the pay package “not adequately justified” and said it was “out of step with its ASX peers.” She also flagged ongoing worries about Woodside’s oil-and-gas growth plan, arguing it wasn’t cutting transition risk enough. HESTA
Not every heavyweight lined up against the board. According to Reuters, AustralianSuper—holding a 7.14% stake and Woodside’s biggest investor—supported both the CEO’s share grant and the non-executive director slate. But CalPERS, the U.S. pension giant, cast votes rejecting the pay report, the equity grant, and all director candidates. MST Marquee analyst Saul Kavonic, commenting on HESTA’s stance, called it a sign that investors are unhappy with what he described as a “weak approach to governance.” Reuters
Following the meeting, Westcott described the board as “very disappointed” by the outcome of the remuneration vote. During her remarks, she emphasized that her priority as CEO is “disciplined delivery to our plan,” highlighting safety and sticking to both budget and timeline for major growth projects. Reuters
Woodside’s strategic focus is still firmly on LNG. Westcott told shareholders Scarborough is sticking to its timeline, aiming for its first LNG cargo in the fourth quarter of 2026. Trion’s first oil is penciled in for 2028, while Louisiana LNG is shooting for a 2029 start. Over the past year, she added, Woodside secured six fresh long-term LNG supply deals with buyers across Asia and Europe.
Woodside flagged several portfolio shifts in Australia—among them, a deal to take over operatorship of the Bass Strait assets and an asset swap with Chevron in Western Australia—as moves aimed at boosting scale. At the AGM, Chair Richard Goyder pressed for a “stable fiscal and policy environment.” According to Reuters, shareholder questions homed in on climate commitments, plus a Greens-driven inquiry into windfall profits made by Australian gas companies. SEC
The pay row could be a flashpoint for a deeper governance standoff. Australia’s two-strikes rule kicks in when at least 25% of shareholders reject the remuneration report—Woodside came in at 18.31%, dodging the first strike for now. Still, with a solid one-third bloc voting down the CEO incentive grant, critics now have a concrete figure to point to in future rounds.
Next week’s first-quarter numbers should give investors a clearer read on operations. If Scarborough, Louisiana LNG and the rest stick to their timelines, opposition could remain muted. But any slip—rising costs, regulatory headaches, or weaker LNG demand—could hand pay and climate critics new ammunition.
