In a very rare move, the Australian Council of Superannuation Investors (ACSI) recommended that funds vote in favour of this resolution, said spokesman Phil Spathis, because “subscribers are able to convey to Woodside their desire for additional disclosure to that already provided by the company on the impact of a carbon price on its operations as and when a carbon price becomes effective”.

This was a highly significant move because ACSI does not generally support constitutional amendments to achieve specific disclosure outcomes. However, Spathis said that at Woodside there was “a case for additional disclosure to be mandated, because of the potential risk (that) climate change regulation poses to the company’s strategy”.