$50b super fund demands Woodside, Santos link exec pay to emissions

Superannuation giant HESTA has demanded Australian oil and gas companies explicitly link the pay of their top executives to their performance on reducing carbon emissions or risk an investor backlash.

HESTA chief executive Debby Blakey says it's time
for Australian gas and oil companies to do more.

The $50 billion industry fund for health workers wants companies such as Woodside and Santos to follow the lead of international energy giants BP and Shell in directly tying executive remuneration to emissions reduction.

"We feel the time is right to take a strong position on this. We strongly suggest that this needs to occur," said HESTA chief executive Debbie Blakey, adding that the fund may vote against resolutions at shareholder meetings if it is unhappy with a company's response.

"If we don't see that this year we will be considering our options. I think it is going to be an interesting voting season this year. We have been prepared to vote strongly where we believe that is required."

Read the story from The Age by Matthew Dunckley and Ben Weir - “$50b super fund demands Woodside, Santos link exec pay to emissions.”