Join our daily newsletter At The Bell to receive exclusive market insights
The APA Group (ASX:APA) board and a large swathe of shareholders are today voting against four resolutions put forward by a group of climate-minded securityholders on the new gas pipelines the company is building.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The expectation, according to reporting from The Aus this morning, is that all four resolutions will be strongly voted down during the October 22 meeting.
APA manages $27 billion in pipelines, power lines, and renewable generation projects, and most relevantly, is developing the Beetaloo Basin to produce more gas from the region, 600 kilometres southeast of Darwin.
The first two resolutions, put forward by Market Forces, asked the utilities company to add a provision that would give investors the ability to express an opinion or request information on developments. The others revolved around APA’s plans at the Beetaloo coal seam gas deposits in the Northern Territory.
It all boils down to the resolution proposals wanting APA to justify its environmental policies in a more public setting – and the company won’t kowtow.
“We do not support these proposed resolutions and based on the proxies received ahead of today’s meeting, these resolutions are also not supported by the vast majority of our securityholders,” chair Michael Fraser declared.
“We have very transparent annual emissions data disclosures and reporting of progress on our climate plans,” he pointed out. “APA’s 2025 CTP reconfirms our commitment to meeting our 2030 targets and goals and highlights the resilience of APA’s portfolio to physical climate and energy transition risk.”
The company had a similar statement: “The board is satisfied that the appropriate governance and disclosure arrangements are in place to consider and transparently report on future new gas infrastructure projects as Australia responds to the need for new gas developments as part of its energy transition.”
The whole plan has government backing, too; the Northern Territory government has underwritten $75 million of a $180 million loan to Tamboran Resources (partnered with APA) to finance the Beetaloo pilot project.
APA is down -1.27% after the AGM, but still up +25% since 2024’s meeting.
Join the discussion. See what HotCopper users are saying about APA Group Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
