abc.net.au/news/agl-board-rolled-in-favour-of-mike-cannon-brookes/101655224Billionaire Mike Cannon-Brookes has scored a resounding victory at AGL's annual general meeting , with all four of his independent director candidates appointed to the energy giant's board.
Shareholders overwhelmingly disagreed, with the election of the new directors sealed by proxy votes received ahead of today's AGM, mainly from large institutional shareholders, such as super funds and other fund managers.Pressure grows for accelerated renewables shift "The board welcomes these new directors to the board and will work constructively with them in the best of interests of shareholders," she added.
These include plans to close the Loy Yang coal-fired power station by the end of financial year 2035, as much as 10 years before the company had previously planned, adding up to 12GW of new renewables and "firming" capacity by 2036 at a cost of up to $20 billion, with up to 5GW of that in place by 2030.
35% of the board with only 10% of the shares. ASIC ought to take the shyster down, but they have no spine.
ironically AGL had a CEO in 2017 by the name of Andy Vesey who wanted to accelerate the closure of coal powered generators, but Josh Frydenberg agitated the board to sack him… 5 years later people are cheering for a new board that are going to do what Vesey wanted anyway
Hypocrites
does that mean electricity prices are going down....?
Australia loses to idealism.
AGL shareholders lost out. They did not like this decision.
Poor bloke. Can’t afford a trip to the barbers.
RIP Australian Energy security.
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Source: FinancialReview - 🏆 2. / 90 Read more »