Woolworths will not bow to “at risk” AGM push over Tasmanian salmon

Woolworths is refusing to give in to demands from activist investors to stop using salmon farmed in Tasmania’s Macquarie Harbor because of the threat it poses to an endangered species.

The grocery chain recommended that shareholders at its annual general meeting on October 31 vote against a resolution requiring Woolworths to stop using Macquarie Harbor salmon in its own-brand products from next year, insisting that its seafood is sourced from environmentally responsible sources Guidelines can be obtained.

The campaign, which also targets Coles, is led by the Sydney-based Sustainable Investment Exchange and supported by other ethical investment groups representing around 120 Woolworths shareholders.

As with Coles’ AGM in November, the investor alliance has also tabled a resolution to give shareholders more say in Woolworths’ management and board. This is also rejected by Woolworths.

The remote Macquarie harbor is the last remaining habitat for the ancient Maugea skate, which is thought to be at risk of extinction due to the rapid expansion of salmon farming.

Woolworths and Coles are among the biggest buyers of salmon.

The campaign against the retailers comes at a time when the groups’ reputation is already troubled. They are being prosecuted by the competition regulator over alleged bogus food discounts and under pressure from politicians who claim they are contributing to cost-of-living pressure.