Perth, March 6, 2026, 14:06 AWST
- Woodside has reported issuing 643,995 fresh unquoted “rights” linked to executive incentive plans.
- Acting CEO Liz Westcott, plus three other senior managers, were on the list of recipients.
- The company pointed out it used its ASX Listing Rule 7.1 capacity—doing so without getting shareholder approval.
Woodside Energy Group Ltd on Friday reported in an ASX filing that it has granted 643,995 unquoted equity “rights” to employees through its incentive plans. 1
This grant stands out, with the stock drawing scrutiny as the company works to secure its leadership bench during major initiatives and the ongoing CEO search. Even modest equity awards can spark dilution concerns.
The timing coincides with Liz Westcott still in the acting CEO role, raising questions for investors about whether executive compensation is actually linked to results or just aimed at keeping people around. That information typically factors into shareholder votes during annual meetings and often draws wider governance attention.
The filing splits up the 643,995 rights across a number of tranches, all dated March 2. Under the FY2025 Executive Incentive Scheme, Daniel Kalms picked up 25,139 rights, Mark Abbotsford received 23,792, Graham Tiver was allocated 29,509, and Westcott got 28,674. 1
The same filing listed bigger “prospective” allocations for the FY2026 long-term incentive part of Variable Annual Reward: Westcott is in line for 155,908 rights, Tiver for 111,173, Kalms gets 90,478, while Abbotsford appears with 85,479.
In a separate move, Kalms, Abbotsford, and Tiver each received a one-off retention award of 31,281 rights under Woodside’s Supplementary Woodside Equity Plan. According to the form, these awards are tied to service conditions, not performance hurdles.
The rights themselves aren’t listed or traded on the exchange. Each right is set up to convert into a fully paid Woodside ordinary share after a vesting period, provided the conditions are satisfied. According to the filing, there’s nothing to pay on vesting, and these retention rights don’t give holders voting power or dividends until they vest.
The filing shows the company leaned on its headroom under ASX Listing Rule 7.1, which caps the volume of new securities that can hit the market without first getting shareholder signoff. 1
Woodside now lists 1,901,100,143 ordinary shares on issue following the deal. Should every one of the 643,995 rights vest and convert to shares, the resulting dilution would land at roughly 0.03% of that total, per the same filing. 1
Woodside’s shares listed in New York barely budged, holding at $21.87 in U.S. trading.
There’s a hitch: incentive rights don’t always stick. Sometimes the targets aren’t hit, execs exit, or boards step in to reset—or even claw back—awards, all dictated by the plan’s fine print. If shareholders see payouts diverging from actual returns, they’re known to object.
Woodside tapped Westcott as acting CEO in December, following Meg O’Neill’s exit to lead bp, according to the company. Back then, chair Richard Goyder told the market the board aimed to name a permanent chief “in the first quarter of 2026.”
