Woolworths won’t bow to ‘endangered’ AGM push over Tasmanian salmon
Woolworths is refusing to bend to demands by activist investors it quit using salmon farmed in Tasmania’s Macquarie Harbour because of the threat to an endangered species.
The grocery chain has recommended shareholders at its October 31 annual general meeting vote against a resolution demanding Woolworths stop using Macquarie Harbour salmon in its own branded products from next year, insisting that its seafood is sourced under ecologically responsible policies.
The campaign, which is also targeting Coles, is being led by Sydney-based Sustainable Investment Exchange and backed by other ethical investment groups representing about 120 Woolworths shareholders.
As with the Coles AGM in November, the alliance of investors has also filed a resolution seeking to give shareholders more say with the Woolworths management and board. That too is being opposed by Woolworths.
Remote Macquarie Harbour is the last remaining habitat for the ancient Maugean skate, which is said to be threatened with extinction because of the rapid expansion of salmon farming.
Woolworths and Coles are amongst the biggest buyers of the salmon.
The campaign against the retailers comes amid at an already difficult time reputationally for the groups, which are being pursued by the competition regulator for allegedly faking grocery discounts and hammered by politicians who claim they are contributing to cost-of-living pressures.
More to come.
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