Thursday 16 April: Four of the world’s biggest investors have voted against the re-election of Santos directors or gas growth aligned executive payments as First Peoples, Market Forces and shareholders urge the company to end its increasingly risky gas expansion plans.
The United States’ largest public pension funds – A$794 billion Californian public service CalPERS and A$566 billion Californian teachers CalSTRS – along with Norway’s biggest private asset manager, A$207 billion Storebrand, and private pension fund A$139 billion KLP – have voted against the re-election of Santos directors or executive remuneration, signalling significant investor discontent.
Action by international investors comes as First Peoples from Australia and Papua New Guinea affected by proposed Santos gas projects are making direct representations today at the company’s annual meeting in Adelaide, urging board directors to manage risks on behalf of shareholders and recognise that drilling and extraction must only take place with consent.
Landowners from Papua New Guinea are fighting to protect their lands, rivers and subsistence livelihoods in the face of a massive proposed gas project, Papua LNG, while Gomeroi First Peoples have been opposing proposed gas developments at Narrabri in northern New South Wales for many years.
Karra Kinchela, Gomeroi woman from Narrabri said:
“It’s vital that we oppose the Santos Narrabri Gas project for our future, for the environment and for our communities. Our cultural identity is intertwined with this land, and we refuse to let it be destroyed for profit.”
“The Narrabri Gas project threatens our cultural heritage and disrespects our rights as First Nations people.”
“The mass opposition from the Gomeroi community, farmers, and unions shows that we stand united in protecting our land and culture from destruction. Santos needs to learn this opposition isn’t going away, we are only getting louder and stronger.”
Will van de Pol, Chief Executive, Market Forces said:
“Santos’ gas growth plans are dangerous and undermine the transition to cheap clean energy, meaning higher bills and deadlier floods, fires and heatwaves.”
“Major international investors have voted against Santos director re-elections over several years but Australia’s biggest super funds have over $5.5 billion invested in the oil and gas company and are failing to use all levers to rein in fossil fuel expansion plans that threaten members’ retirement outcomes.”
“It’s high time big super funds including HESTA and Australian Retirement Trust put their mouths where their money is and hold Santos to account.”
Just released Market Forces analysis demonstrates gas expansion aligned with catastrophic climate change provides strong rationale for investors to vote against Santos company directors standing for re-election and executive bonuses that incentivise fossil fuel growth.
The Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) have concluded that new oil and gas developments are inconsistent with the goals of the Paris Agreement, which aims to avoid the economic and social impacts that become increasingly catastrophic with every fraction of a degree of further global warming.
Yet Santos has steamed ahead with expansion projects, sanctioning the Barossa gas field and the Pikka oil field in Alaska since the start of 2021, with plans for multiple new oil and gas developments, including Papua LNG and Narrabri gas.
Norway’s biggest private asset manager, Storebrand disclosed:
“A vote AGAINST the incumbent member of the audit committee, Janine Marie McArdle, is warranted because the company is not aligned with investor expectations on Net Zero by 2050 targets and commitments.”
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Note to Editors: Gomeroi First Peoples are joining with Market Forces along with other concerned organisations and shareholders demanding Santos recognises the concerns of Indigenous Landowners and ends its dangerous gas growth plans at the company’s Annual General Meeting being held at the Adelaide Entertainment Centre in Adelaide.
Storebrand Asset Management, Norway’s largest private asset manager, voted:
- AGAINST the re-election of Janine McArdle.
- AGAINST the remuneration report.
KLP, Norway’s largest private pension fund, voted:
- AGAINST the re-election of Janine McArdle.
- AGAINST the remuneration report.
CalPERS, the largest defined benefit public pension fund in the United States, voted:
- AGAINST the re-election of Janine McArdle.
- AGAINST the re-election of Vickki McFadden.
CalSTRS, the second largest defined benefit public pension fund in the United States, voted:
- AGAINST the re-election of Janine McArdle.
- AGAINST the re-election of Vickki McFadden.
Investors which voted AGAINST Santos’ climate plan in 2025 include Aware Super, Vision Super, Legal & General Investment Management (LGIM), Storebrand Asset Management, KLP, UBS Asset Management, Betashares and Nordea.
Investors which voted in favour of Santos’ 2025 climate plan include AustralianSuper, Australian Retirement Trust. Cbus, HESTA, Hostplus, UniSuper, BlackRock, State Street Investment Management, Fidelity International, JP Morgan Asset Management, Morgan Stanley Investment Management