Opinion: The Cannon-Brookes coup: Why AGL’s chairman future hangs in the balance | Elizabeth Knight
Arguably the shareholders have not given McKenzie a sufficient mandate to remain as chair.
Tuesday’s meeting demonstrated that Cannon-Brookes, with only 11 per cent of AGL’s shares – amassed this year via his private Grok Ventures – exercises more control over the company than its existing board.“This represents another majority vote by AGL shareholders pointing to their desire for change, fresh thinking and more execution capacity to realise the potential of this great company,” Grok said in a statement following AGL’s annual meeting.
Mike Cannon-Brookes successfully scuttled AGL’s attempt this year to split the company in two via a demerger.If the four new directors, Mark Twidell, Kerry Schott, Christine Holman and John Pollaers support the strategy outlined by Cannon-Brookes, which is to be expected, there is no guarantee that AGL’s current transformation plan will hold.
These directors are independent of Cannon-Brookes, but he surely nominated them because they had the appropriate skills and were also like-minded.
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