Retailers can’t skate shareholder activism

Living Oceans is again proud to be adding our support and expertise to the groundbreaking shareholder activism campaign, Save the Skate.   

In case you missed it, last year the Save the Skate campaign rallied over a 100 shareholders in each of Australia’s major retailers, Woolworths Group and Coles Group (who also happen to be some of the world’s largest retailers), to submit the first-of-its-kind resolution calling for them to report and disclose the impact their farmed seafood has on endangered species – including the Maugean skate which is at risk of extinction due to salmon farms in its only home, Macquarie Harbour, Tasmania.   

The voting results were historically significant. Nearly 40 per cent (39.11%) voted in favour against the Coles board’s recommendation. A large vote was also achieved with Woolworths (30.42%). Of the 550 plus shareholder resolutions put forward in 2024, the Coles vote was the largest in the world for a nature-risk resolution. Importantly, the voting included several international and national pension funds representing millions of members – sending a strong message to the companies’ boards.   

While Coles has stated they have begun reducing their salmon sourcing from the area impacting the endangered Maugean skate; and Woolworths pledged greater transparency on their salmon sourcing – both continue to sell Macquarie Harbour salmon.   

That’s why, last month, the campaign resubmitted a shareholder resolution to Woolworths. Plans are to also resubmit to Coles. Shareholder activism campaigns often build in support from year to year, as more and more funds representing millions get on board, as investor expectations grow for corporations to address human rights, nature, and climate risks within their supply chains.      

Living Oceans has been providing our expertise to the campaign with our SeaChoice work on retailer sustainable seafood procurement policies, farmed salmon certifications, and responsible business practice due diligence. You can read more about how the shareholder campaign connects to our SeaChoice work – and why Canadian companies should also take notice.