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HomeEconomyBillionaire climate activist wins board fight at Australia's AGL Energy

Billionaire climate activist wins board fight at Australia's AGL Energy


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MELBOURNE (Reuters) – Shareholders of AGL Energy (OTC: 52AGLXY

), Australia’s largest electricity producer, defied their board on Tuesday, a proxy vote showed, approving all four directors nominated by tech billionaire Mike Cannon-Brookes, the company’s largest shareholder. Also in a surprise, Chairman Patricia McKenzie said shareholders may have rejected the company’s The executive pay plan, based on proxy voting, was opposed by two major shareholders, whom she did not name.

climate activist Cannon-Brookes, with % of AGL shares, which earlier this year successfully forced the company to abandon the spin-off and switch to while announcing plans to speed up the closure of its coal plants by a decade and cost up to A$ billion renewable energy 20.

In order to enhance his influence, Cannon-Brookes’ investment Tool Grok Ventures proposed editing four candidates for AGL’s board of directors: former Tesla executive Mark Tweedle, former Energy Security Council chair Chris Short, John Polairs and Kristin Holman. All four passed AGL shareholders, chairwoman Patricia McKenzie told shareholders by proxy at the group’s annual meeting , although the board only supports Twidell.

“The Board welcomes these new Directors to report to the Board and will work constructively with them in the best interest of our shareholders,” Mackenzie said.



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