Some shareholders want to move on from the “old guard” of AGL Energy’s board after a blockbuster deal involving rival Origin has left AGL looking clay footed.
AGL Energy’s lack of a “true north” star has left it exposed to a guerilla campaign by Atlassian co-founder and Grok Ventures’ Mike Cannon-Brookes, who looks sure to get his way at Tuesday’s annual meeting where up to four of his candidates will be voted on to AGL’s board.
At the heart of the matter for shareholders is a perception that AGL has lost credibility among investors, four people who could not speak publicly about the company toldIn the build-up to Tuesday’s meeting, advisers for AGL and Grok sent investors formal letters to curry favour with the company’s shareholders, a person familiar with the process said. About 30 meetings were also held with AGL’s institutional investors.
Cannon Brookes may have approached AGL alongside Brookfield this year, but he strongly opposed AGL’s proposed demerger because it would have created two financially weaker companies to tackle the decarbonisation task.
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