ACCR Company Engagement Santos Ltd

Santos Limited is one of the leading independent oil and gas producers in the Asia-Pacific region.

Headquartered in Adelaide, Santos is Australian-owned and operated. It has one of the largest exploration and production acreages in Australia and extensive infrastructure. Santos supplies LNG, natural gas and oil to Australian and Asian markets, from assets in Australia and Papua New Guinea. It is currently in the process of merging with Oil Search Ltd, which would increase the company’s scale and geographic diversification. It has major coal seam gas developments and has recently reached a positive Final Investment Decision on a Carbon Capture and Storage project at Moomba.

ACCR recently filed a case alleging that Santos’ engaged in “greenwashing”, by embellishing its environmental credentials in a way that is misleading or deceptive, or likely to mislead or deceive, in particular that natural gas provides clean energy and that Santos has a clear and credible road map to achieve net zero scope 1 and 2 emissions by 2040.

Santos remains a priority company for ACCR, particularly following the recent merger with Oil Search and the significant expansion of the company’s oil and gas assets. We currently plan to file resolutions that seek more specific disclosure on the company’s management of stranded asset risk and asset decommissioning liabilities, along with the company’s significant direct and indirect influence on government policy. At the 2022 AGM, Santos will also be providing shareholders with a Say on Climate, in which shareholders will vote on the company’s climate transition plan.


  1. Media release

    Santos and Oil Search merger compounds stranded asset risk

    The vast majority of planned Santos and Oil Search projects are inconsistent with a safe climate and are vulnerable to asset stranding in the face of escalating global decarbonisation efforts.

  2. Media release

    Australasian Centre for Corporate Responsibility files landmark case against Santos in Federal Court

    Acting on behalf of ACCR, lawyers from the Environmental Defenders Office (EDO) will claim that Santos is engaging in misleading or deceptive conduct in potential contravention of both corporate and consumer law.

  3. Media release

    Santos and Oil Search merger climate vandalism of the highest order

    The Santos and Oil Search merger demonstrates that neither company is serious about taking climate action, and that their only goal is to maximise oil and gas production at a time when climate chaos is raging across the northern hemisphere.

  4. Media release

    Santos’ bid for Oil Search proves net zero target is just greenwashing

    Santos has made little mention of climate change in its merger proposal announcement, claiming it can easily shift to hydrogen-based fuels - yet shows absolutely no pathway to this claim.

  5. Media release

    Santos’ CEO bonus at odds with Paris Agreement

    “The recently announced $6 million growth bonus for CEO Kevin Gallagher is equally at odds with any genuine commitment to transition Santos to net zero by incentivising development of the Narrabri Gas Project and completion of Barossa at all costs."

  6. Media release

    Santos’ Barossa project is a carbon bomb

    Institutional investors are demanding credible transition plans. Santos continues to fail on this measure.

  7. Media release

    Santos adopts ‘Say on Climate’

    We welcome the move by Santos (ASX:STO) to adopt the Say on Climate initiative and provide shareholders with a non-binding vote on the company’s Climate Change Report at next year’s AGM.

  8. Briefing note

    Investor briefing: Shareholder Resolution to Santos Ltd to adopt Say on Climate reporting

    An annual Say on Climate will provide shareholders with a non-binding advisory vote on Woodside's plan to reduce emissions and its performance against that plan.

  9. Media release

    Say on Climate launches with resolutions to Santos and Woodside

    “The Say on Climate framework will provide shareholders with the opportunity to send a clear signal to the board about whether the company is effectively managing the risks of climate change.”

  10. Shareholder Resolution

    ACCR Shareholder Resolution to Santos Ltd to adopt Say on Climate reporting

    ACCR has filed a Shareholder Resolution to Santos (ASX: STO) asking for an annual vote on the adoption of a Climate Report consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the Climate Action 100+ Net-Zero Company Benchmark as developed by institutional investors.

  11. Media release

    Santos targets ignore the elephant in the room

    “Santos’ new climate targets ignore its biggest problem: the emissions from the oil and gas it sells to customers (Scope 3). Scope 3 emissions account for approximately 80% of Santos’ carbon footprint.”

  12. Media release

    BHP dumps QRC; Origin and Santos should do the same

    “BHP has proven the value of ACCR’s shareholder resolution—some industry associations simply won’t change unless there are financial consequences”.

  13. Santos, Narrabri

    Narrabri gas project: investors now last line of defence

    The proposed Narrabri fracking project will imperil Australia’s commitments to the Paris Agreement and its high cost of production will likely see it stranded before the reserves are exhausted.