Why did Australian pension fund HESTA vote against Woodside CEO Liz Westcott's pay package?

HESTA voted against the package because it assessed that 'the remuneration package constructed for incoming CEO Liz Westcott is not adequately justified,' citing that 'the rise in total incentive opportunity appears excessive for an incoming CEO and out of step with its ASX peers.'

What were the key components and value of Liz Westcott's approved pay package, according to Woodside?

Woodside stated Westcott's pay package consisted of A$2.2 million in fixed pay and A$12.6 million in variable pay—split between short- and long-term incentives tied to performance—for a total of up to A$14.8 million ($10.57 million), plus a grant of equity rights.

Australian Pension Fund Votes Against Woodside CEO Pay Package

Apr 22, 2026

HESTA voted against Woodside Energy CEO Liz Westcott's A$14.8 million pay package and two directors, citing excessive incentives and climate transition risks. US fund CalPERS also opposed the remuneration report during the annual meeting.

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