From Breakingviews: Unlike other energy giants such as Shell and BP, Australia’s Santos is being stingier with shareholders, with governance and climate concerns to boot. Its lagging stock is dry powder for activists, says AntonyMCurrie
Santos might defend itself by pointing to its industry-leading 146% total return since Gallagher took the helm seven years ago, and a knack for. Yet the $6 million one-off incentive package he was offered in 2021 raises questions. The bonus is mostly tied to successful “growth projects”, which arguably encourages him to overinvest.
The rest is tied to climate solutions including carbon capture and storage projects which the company doesn’t envisage being useful until after 2030. Later this year Santos will have to defend itself in federal court against accusations ofMore than a quarter of shareholders voted against the company’s executive pay package last year. If that happens again at next month’s annual meeting, it would, under Australian rules, allow investors to boot the entire board.
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