Santos shareholders re-elect Keith Spence as chair
Australia's Santos re-elected Keith Spence as its chair after a majority of shareholders voted in his favour despite unrest over the oil company's inadequate response to climate woes, results of the annual general meeting showed on Thursday.
Nearly 94% of shareholders voted for a resolution to re-elect Spencer, who was appointed as Santos' chair in 2018.
"Votes for director re-elections at Santos were among the lowest 10-15 per cent of comparable results at ASX 50 companies over the last five years, but the vast majority of big investors are failing to ensure genuine climate risk management," Market Forces said in a statement.
The activist investor group had urged investors to vote against Spencer's re-election, citing the company's "inadequate response to climate concerns and its misguided oil and gas growth plans."
Shareholder group Australasian Centre for Corporate Responsibility (ACCR) had also filed a members’ statement against Spencer's re-election, accusing him of failure in maximising "shareholder value."
"While investor support for Keith Spence was resilient today, there is a limit to investor patience," ACCR said in a statement.
"If Santos does not resolve its strategic failings and share price performance over the coming 12 months, shareholders may not be so forgiving at the 2025 AGM."
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation