The Australasian Centre for Corporate Responsibility (ACCR) has filed shareholder resolutions asking Santos (ASX:STO) to cease advocacy of its industry associations and disclose decommissioning liabilities. Australian legislation and its interpretation in case law means that Australian shareholders are unable to directly propose ordinary resolutions for consideration at Australian companies’ AGMs. Supporting statement to Resolution 3 (968 words including footnotes)As Australia's oil and gas industry matures, decommissioning obligations and associated liabilities are increasing. Company decommissioning provisions are calculated using information about assets (age, condition, complexity), and assumptions about removal requirements and future costs. Limited and inconsistent data complicates efforts to understand the scope and timing of our company’s decommissioning obligations.

Source: The Guardian February 11, 2022 01:54 UTC