Patricia McKenzie was quick to state the obvious. As Australia’s largest carbon emitter and its leading private investor in renewable energy, AGL can make a “material difference in reducing the nation’s carbon footprint”.
Not that the new quartet is promoting any radically different strategy for the company beyond asserting their individual independence as directors and the ability to assist the company deal with its many challenges.The result is that Cannon-Brookes can certainly claim yet another victory over a company that has stumbled so badly.
The market was less convinced with the share price falling 1.4 per cent. The choice of a new CEO will obviously be critical to this – but so will the revamped AGL board.and constructively to deliver on the transition. McKenzie even told a sceptical shareholder it was great to have “diversity of thought on the board”.
But despite the resistance of the Victorian Labor government, gas has gone from a political pariah to beingfor the survival of Australian manufacturing. Instead, suddenly soaring coal, gas and electricity prices also make it likely the federal government will want to apply some form of price cap, at least temporarily, despite the complications in doing so. There will be more volatility, more surprises, more unintended consequences, to come.
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