Santos will host its annual meeting in Adelaide on Thursday, when it will update investors on its progress for the 2025 calendar year, its energy expansion plans and take questions from the floor.
Two of its directors, Janine McArdle and Vickki McFadden, will also seek re-election to the board, which will in turn take investors' temperature on its remuneration, or salaries, report for high-level executives.
However, four of the world's biggest investors have already expressed their opposition to the re-election of one or both directors via proxy votes ahead of the meeting.
Those against both include US pension funds representing the California public service (CalPERS) and teachers (CalSTRS).
Norway's biggest private asset manager Storebrand and Norway's KLP, a private pension fund, voted against re-electing Ms McArdle, but both backed Ms McFadden.
"A vote against the incumbent member of the audit committee, Janine Marie McArdle, is warranted because the company is not aligned with investor expectations on net zero by 2050 targets and commitments," Storebrand said.
Storebrand and KLP also voted against the remuneration report, with the latter wanting to "raise concerns" with a one-off incentive boost for managing director and chief executive Kevin Gallagher.
KLP argued it did not appear well aligned "with shareholder experience over the last five-year period".
The vote on the remuneration resolution is advisory and non-binding on the board.
Santos delivered an underlying net profit of $898 million for 2025, up 24 per cent on the previous year.
Its key businesses include the Gladstone (Queensland), Barossa (Timor Sea) and Papua New Guinea LNG projects.
It also operates Australia's largest onshore oil and gas field development spanning the borders of northeast South Australia and southwest Queensland.
Environment group Market Forces, which opposes Santos' gas activities, said the four investors' voting decisions signalled "significant investor discontent" and that Australian funds should do the same.
"Major international investors have voted against Santos director re-elections over several years," Market Forces chief executive Will van de Pol said in a statement.
"But Australia's biggest super funds have over $5.5 billion invested in the oil and gas company and are failing to use all levers to rein in fossil fuel expansion plans that threaten members' retirement outcomes."
The funds include market heavyweights Hesta and Australian Retirement Trust.
Santos' annual general meeting begins at 10am CST at the Adelaide Convention Centre.
