Woolworths shareholders have voted against immediate action to stop sourcing farmed salmon from waters where it is estimated that only 120 Maugean rays remain in the wild.
A small group of shareholders took their resolution calling for amending the company’s bylaws on farmed seafood reporting and farmed salmon sourcing to the Woolworths Group Annual General Meeting, held in Sydney on Thursday.
The group of about 120 shareholders was involved in Environment Tasmania, Neighbors of Fish Farms, Eko, Living Oceans and SIX Invest, with about a quarter of the group living in Tasmania.
Their main concern was the plight of the Maugean stingray, a prehistoric stingray that only lives in Macquarie Harbour, about 300 kilometers northwest of Tasmania.
There are only an estimated 40 to 120 adult Maugean rays left in the wild, and the population has fallen by almost half in the last decade, according to a recent study conducted in August by the Threatened Species Scientific Committee (TSSC). independent.
The federal government continues its assessment of the possible extinction of the Mauge stingray.
One of the resolutions proposed by concerned investors was to get the major supermarket to end its purchase of farmed salmon from Macquarie Harbor by April 2025.
Woolworths Group chairman Scott Perkins told the AGM that the company was awaiting the results of government studies before making a further decision on sourcing farmed salmon in the region.
Concerned shareholders were concerned about the origin of Woolworths salmon.
The Maugean stingray is only found in Macquarie Harbor in Tasmania.
“The unsustainability of supply from Macquarie Harbor is an issue we are taking very seriously,” Mr Perkins said.
‘However, it is a complex issue and there is conflicting evidence on some important issues.
‘We support federal reviews… and assessment of the extinction of the Mauge stingray.
‘We are not closed to all or any of the scenarios that may arise from those reviews.
‘We do not take this risk lightly, we are not predetermining any of the responses we believe would be appropriate.
“We believe that any action we take should be fully informed.”
Shareholders were informed that the board of directors did not support any changes to the constitution on these matters at this time and encouraged shareholders to vote against the resolution.
The main resolution was ultimately voted against, leaving subsequent resolutions null and void as the first resolution did not receive the approval of 75 percent of shareholders.
Woolworths shareholders voted not to change their constitution regarding the sourcing of farmed salmon.
However, Woolworths allowed stakeholders to ask questions at the Annual General Meeting about its practices and procedures to protect endangered species.
One shareholder said the potential risk of extinction of the Maugean ray meant the company’s decision to source locally farmed salmon was “catastrophic and urgent”.
“It is a warning that company directors and all shareholders must heed,” he said.
“It can be a legacy of lasting change, not regret.”
Another shareholder said he was surprised to learn that the board had not acted sooner to prevent the possibility of the Maugean stingray becoming extinct.
“Companies that demonstrate their ESG (Environmental, Social and Governance) performance… have a benefit for shareholders by attracting a premium in the share market,” he said.
“I thought there would be no need to go as far as a shareholder resolution… to stop an animal from becoming extinct.”
‘Surely a board would intervene before it was necessary to propose it.
“This is a lot of ESG and brand risk for the sake of a small amount (of salmon).”
Salmon farms operate in Macquarie Harbor in Tasmania
Perkins recommitted to the company’s belief that it should wait for final government reports on the matter to be transmitted, saying that while Woolworths “would like the work to have been done sooner”, the company understands that all Processes must be met before being completed.
The shareholder group also wanted the company to report on the impacts of its farmed seafood on endangered species.
Perkins said the company was “not aware of any other endangered species” in the vicinity of its seafood farming operations.
The company’s decision comes after Environment Minister Tanya Plibersek confirmed that the government was delaying its decision on whether the Maugean ray’s threatened species status should be raised to “critically endangered”.
According to Plibersek, the TSSC needed an additional year to evaluate its investigation.
The Bob Brown Foundation condemned the outcome of the Woolworths Group Annual General Meeting.
“Woolworths should no longer hide behind waiting for an outcome that depends on politics,” said Alistair Allan, marine campaigner at the Bob Brown Foundation.
‘Just this week, Federal Environment Minister Tanya Plibersek delayed making any decision on Maugean Skate until after the election.
‘Woolworths cannot follow the same path.
“The chairman of Woolworths acknowledged that their brand has taken a big hit when it comes to public trust, just wait until the public realizes that they are responsible for causing an extinction.”
‘Woolworths is lying to consumers, there is nothing ‘responsibly sourced’ about Tasmanian farmed salmon. It’s an environmental disaster and it’s killing Tasmania.
“At this time, if you as a buyer do not want to participate in a extinction, you should refuse to buy Tasmanian salmon.”