Perth, April 24, 2026, 05:04 AWST
Woodside Energy Group Ltd shareholders approved Chief Executive Liz Westcott’s 2026 long-term incentive grant, equity-based pay tied to future performance, but 34.52% of votes went against the award at Thursday’s annual meeting in Perth. It was not a defeat. It was a blunt early warning for the new chief.
The vote matters because Westcott is only weeks into the permanent job and is trying to keep investors behind a growth plan built around large LNG projects. Liquefied natural gas, or LNG, is gas cooled into liquid so it can be shipped by tanker; Woodside says Scarborough and Louisiana LNG are central to future value, while critics say the oil-and-gas growth carries transition risk.
The AGM came before Woodside’s first-quarter report, scheduled for April 29, and during a week when governance pressure also hit global oil peers. BP, now led by former Woodside chief Meg O’Neill, failed to secure backing for two board proposals at its own annual meeting on Thursday.
Woodside said all resolutions carried. The remuneration report won 81.69% support, with 18.31% against; the Westcott long-term incentive award received 65.48% support, with 34.52% against. Director votes were safer, including 92.22% support for Larry Archibald, 95.92% for Arnaud Breuillac and 98.64% for new director Mark Cutifani.
Reuters reported Woodside had sought approval for a package of up to A$14.8 million, or $10.57 million, for Westcott, including A$2.2 million in fixed pay and A$12.6 million in variable pay split between short- and long-term incentives. Westcott became permanent CEO in March after serving in a provisional role following O’Neill’s move to BP.
HESTA, the Australian pension fund, opposed the remuneration report, the CEO share rights and the re-election of Archibald and Breuillac. HESTA CEO Debby Blakey said the package was “not adequately justified” and “out of step with its ASX peers,” while also citing concerns that Woodside’s oil-and-gas growth strategy was not sufficiently reducing transition risk. HESTA
Not all major investors broke against the board. Reuters reported AustralianSuper, Woodside’s largest shareholder with 7.14%, backed the CEO share grant and the non-executive directors, while U.S. pension fund CalPERS voted against the pay report, the equity grant and all directors up for election. MST Marquee analyst Saul Kavonic said HESTA’s vote pointed to concern over a “weak approach to governance.” Reuters
Westcott said after the meeting that the board was “very disappointed” with the remuneration vote. In her prepared address, she said her focus as CEO was “disciplined delivery to our plan,” including safe operations and keeping major growth projects on budget and schedule. Reuters
The strategic pitch remains LNG-heavy. Westcott told shareholders Scarborough remained on track for first LNG cargo in the fourth quarter of 2026, Trion was targeting first oil in 2028 and Louisiana LNG was targeting first LNG in 2029; she also said Woodside had signed six new long-term LNG supply agreements with customers in Asia and Europe over the past year.
Woodside also pointed to portfolio moves in Australia, including an agreement to assume operatorship of Bass Strait assets and a Chevron asset swap in Western Australia, as steps to build scale. Chair Richard Goyder used the AGM to stress the need for a “stable fiscal and policy environment,” while Reuters said shareholder questions also centred on climate commitments and a Greens-led inquiry into windfall profits made by Australian gas companies. SEC
The risk is that the pay protest hardens into a wider governance fight. Under Australia’s two-strikes rule, a company receives a first strike when 25% or more of votes oppose the remuneration report; Woodside stayed below that level at 18.31%, but the separate one-third vote against the CEO incentive grant gives critics a visible number to use next time.
Investors now get a cleaner operating test with the first-quarter report next week. If Scarborough, Louisiana LNG and other projects keep moving to schedule, the dissent may stay contained; cost pressure, policy friction or softer LNG demand would give pay and climate critics a sharper case.
