Two other prominent proxy advisers, Ownership Matters and CGI Glass Lewis, recommend backing three of Grok’s candidates – Twidell, Schott and Holman – but not Pollaers.
The battle over the board seats is the latest to erupt between Cannon-Brookes and AGL, the 185-year-old ASX-listed electricity and gas supplier whose fleet of coal-fired power stations make up 8 per cent of Australia’s overall greenhouse gas emissions.
ISS also raised “governance concerns” surrounding the appointment of AGL chairman Patricia McKenzie because of her involvement with the board’s failed demerger plan.Credit:Jeremy Piper
Earlier this year, the activist investor launched a joint attempt with Canadian asset manager Brookfield to acquire AGL for $8 billion, with a promise to invest a further $10 billion to $20 billion on enough renewable energy to fast-track its exit from coal. When that deal fell apart, Cannon-Brookes amassed an 11.3 per cent shareholding in the company and ran a successful campaign to scuttle the board’s controversial plan to demerge its power plants from its vast retailing arm, a proposal he argued would have created two smaller entities less-able to accelerate the closures of coal-fired generators in line with global efforts to avert catastrophic global warming.
His campaign ultimately forced the resignations of several AGL directors, including its chairman and chief executive, and triggered a strategic review into the power giant’s direction. This month, AGL said it would bring forward the closure of its last-remaining coal-fired power station to 2035, up to a decade earlier than originally planned.
In its report sent to investors on Wednesday, ISS also raised “governance concerns” surrounding the appointment of AGL chairman Patricia McKenzie because of her involvement with the board’s failed demerger plan.
Loading
“As a director since 2019, she participated in the strategic decisions that led to the proposed demerger that was subsequently withdrawn incurring significant costs, board and upheaval and a revised strategic direction,” the report said, although ultimately recommended a “qualified vote” for McKenzie’s election.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
