A directionless AGL could not have come at a worse time as companies scramble to transition to clean energy amid soaring gas and commodity prices.
or face their power bills doubling from July 1, one of several small retailers forced to exit the market.“I’m just hopeful that the strategy review doesn’t make a quick decision. If they were to try to sell coal assets now it would be the same flawed play as the demerger.”
So let’s forget the demerger. Except for the bankers at Macquarie and Goldman Sachs, and perhaps some of the directors who would have had a chunk of their long-term incentives vest if the deal was done, that’s good news all round.What’s at stake here is more than a gripping corporate scandal. As the country’s largest private energy generator, a significant retailer and employer, the success of AGL matters. Turning coal off too soon could mean blackouts and spiking energy prices.
Next week – likely Wednesday, though nothing is set in stone – team Grok is set to meet in person with AGL’s Vanessa Sullivan and Graham Cockroft, who are co-chairing the strategic review of AGL. It will represent a fascinating clash of two cultures: on one side, a tech billionaire with a vision for a coal-free world, on the other, old-school corporate directors dictated by process and fiduciary duty.
In the strategy vacuum, the immediate discussion will likely centre around a new chief executive and new directors. He means that an 11 per cent shareholder doesn’t control the company without paying a takeover premium.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Project Greenlight’: How Cannon-Brookes sank the AGL splitAtlassian co-founder and climate crusader Mike Cannon-Brookes has ridden the teal wave to pull off the most sophisticated campaigns in Australian corporate history. AGL
Read more »
‘Project Greenlight’: How Cannon-Brookes sank the AGL splitAtlassian’s co-founder and climate crusader has ridden the teal wave to pull off the most sophisticated campaigns in Australian corporate history.
Read more »
‘Project Greenlight’: How Cannon-Brookes sank the AGL splitAtlassian’s co-founder and climate crusader has ridden the teal wave to pull off the most sophisticated campaigns in Australian corporate history.
Read more »
‘Project Greenlight’: How Cannon-Brookes sank the AGL splitAtlassian’s co-founder and climate crusader has ridden the teal wave to pull off the most sophisticated campaigns in Australian corporate history.
Read more »
‘Project Greenlight’: How Cannon-Brookes sank the AGL splitAtlassian’s co-founder and climate crusader has ridden the teal wave to pull off the most sophisticated campaigns in Australian corporate history.
Read more »
‘Project Greenlight’: How Cannon-Brookes sank the AGL splitAtlassian co-founder and climate crusader Mike Cannon-Brookes has ridden the teal wave to pull off the most sophisticated campaigns in Australian corporate history. AGL
Read more »