The federal Greens will not repay more than $75,000 in donations made over 20 years by a pair of wealthy investors with significant fossil fuel holdings, despite the NSW Greens handing back a $7000 donation from the pair last week because it violated the state party’s policy.
The donations were made by Fred Woollard and wife Therese Cochrane directly as well as through their company, Keep Them Honest, which they established to make political donations and of which they are the only directors and shareholders.
Greens leader Adam Bandt.Credit:James Alcock
Woollard is the founder and managing director of the $650 million Samuel Terry boutique investment fund and Cochrane is the general manager.
About 24 per cent of the $650 million fund is invested in commodities and energy companies, including 8 per cent in Horizon Oil, which operates in the South China Sea, and 15 per cent in Diamond Offshore Drilling, which owns ships that provide offshore drilling services for customers including BP, Woodside and Shell.
Last week, the NSW state Greens handed back a $7000 donation from Woollard – the largest donation to their state election campaign – because it violated their ban on donations connected to the fossil fuel industry.
A search of the Australian Electoral Commission’s federal donation disclosure website reveals Woollard, Cochrane and Keep Them Honest have given a total of $76,501 in donations to federal divisions of the Greens’ state branches over 20 years.
Woollard gave $20,000 and then $25,000 to the NSW branch in 2004-05, $5001 to the WA branch in 2015-16, while another $5000 given to the NSW branch in 2003-04 was listed as an “other receipt”.
Cochrane gave the WA branch $1500 in 2016-17, and Keep Them Honest gave $20,000 to the Tasmanian branch in 2021-22 in the leadup to the federal election.
The federal Greens’ policy is to “ban donations from coal and gas corporations and other sectors with a track record of buying influence”.
A spokesman for the Australian Greens said the donations from Woollard, Cochrane and Keep Them Honest to federal divisions of the party’s state branches were consistent with federal donations laws.
Fred Woollard said he and his wife made their political donations in a personal capacity.Credit:Alastair Bett
“As the donors are significant investors in renewable energy, the Australian Greens believe that they wished to donate to the party with the best record on climate action because of our consistent advocacy for a rapid, managed move towards renewables and away from coal, oil and gas,” the spokesman said.
When contacted, Woollard said it was a matter for the Australian Greens whether the party would return the donations he had made to them over the years.
“I run a funds management company, not a fossil fuel company. Our fund has invested across many industries including renewable energy. Our fund invests in the world as it is. Oil shares were very cheap in 2020 and 2021, so we bought some,” he said.
“We make political donations in the hope of improving NSW and Australia. Political donations are made by us personally and have nothing to do with the fund.
“Our fund is run in the interests of its unit-holders. We have no plans to change our investment strategy.”
Keep Them Honest donated a total of $314,000 at last year’s election and was a significant supporter ($100,000) of Climate 200 – which backed number of teal independent candidates – and donated $100,000 to now-senator David Pocock, $20,000 to then-senator Rex Patrick, $74,000 to NSW Labor and $50,000 to the Local Party of Australia.
Woollard and Cochrane have also personally donated to Labor and on one occasion, to the Liberals.
When the Australian Electoral Commission published the most recent round of donations last month, the Greens criticised the Liberals, Nationals and Labor for accepting millions of dollars from coal and gas corporations.
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