AGL dealt stunning blow as investor revolt installs new directors | NickToscano1
AGL, the nation’s largest greenhouse gas emitter, has been dealt another stunning defeat after its shareholders elected all four board candidates nominated by activist investor Mike Cannon-Brookes to bolster the power giant’s response to climate change and clean energy opportunities.
AGL’s annual investor meeting follows months of intensifying pressure from shareholders over AGL’s response to climate change, the future of its coal-fired power stations and the make-up of its board of directors. AGL’s refused to support all Grok’s candidates except Twidell, saying it did not believe the three other nominees would provide the “additional experience and skills necessary to ensure the successful implementation of the board’s strategy”. The board has also argued Grok was seeking too much board representation and has cast doubts over the candidates’ independence.
AGL is Australia’s biggest electricity supplier, with a fleet of coal and gas-fired power stations, renewable energy assets and a retailing division supplying more than 4 million customer accounts. Its coal-fired power plants account for an estimated 8 per cent of Australia’s overall emissions.
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