HomeEconomyBillionaire climate activist wins board fight at Australia's AGL Energy Economy Billionaire climate activist wins board fight at Australia's AGL Energy By inew November 15, 2022 0 105 views Share FacebookTwitterPinterestWhatsApp AGLXY -4.% Add to/Remove from Watchlist Add to watch list Add location Location added successfully: Please name your portfolio type: purchase Sell date: quantity : price Point value: Leverage: 1:1 1: 1: 1: 1: 1: 20 1: 1: 11 1: 42 Committee: 500 100 CREATE NEW WATCH LIST CREATE 200 1000 50 Create a new shareholding portfolio Add Create 5052 941715 + add another position to close Sonali Paul 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. The first job of the expanded board will be to find a new head at Cannon-Brookes to overhaul the company leading to the ex-CEO The executive who led the company’s transition to green energy comes after Graeme Hunt resigned. ” This represents another majority v AGL shareholders expressing their desire for change, new thinking and stronger execution to achieve this potential of a great company,” a Grok spokesman said in an emailed statement after the annual meeting. Grok said AGL’s board had full support “to complete the daunting task ahead of rebuilding the company to lead Australia’s green energy transition for the benefit of all stakeholders”. All four of Grok’s picks said in recorded comments at the annual meeting that they are independent of the tech billionaires and will serve the interests of all shareholders. While MacKenzie won overwhelming support for board re-election, she said the company’s executive compensation plan is likely to be rejected by shareholders based on proxy . ” This was a disappointing result, as all major proxy advisors recommended that shareholders vote in favor of the report, finding no Big question,” she said. Under the Australian Corporations Rules, shareholders may vote to remove the company’s board of directors provided at least % of voting shareholders opposed the compensation plan for two consecutive years. Add to last week’s surprise announcement of its rejected suitor Canada’s Brookfield leading A$ billion Bid to acquire Origin Energy, Australia lia’s second largest electricity producer. 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