Mike Cannon-Brookes in scathing attack on AGL board over nominees


McKenzie has additionally described the approaching shareholder vote as a possibility to make sure the board remained unbiased and represented the pursuits all buyers. The board wanted to symbolize “100 per cent of the shareholders”, she stated, “and 88 per cent of these should not Grok”.

Cannon-Brookes stated AGL’s choice to help simply considered one of Grok’s candidates “is unnecessary”.

“In case you say these aren’t unbiased candidates, you’ll be able to’t help considered one of them,” he stated.

Cannon-Brookes’ insistence of Grok’s nominees’ independence has been supported by CGI Glass Lewis, a significant proxy adviser that guides institutional shareholders on tips on how to vote on board appointments, pay and different company issues.

The agency famous that AGL’s board had raised issues that Grok was “asking for an excessive amount of illustration”. Nevertheless it advised shareholders that Grok’s nominees had been “completely unbiased … apart from having been forwarded by the investor following what seems to have been a scientific, well-vetted and considerate course of to establish high-quality director candidates”.

“We firmly imagine any Grok nominee who’s elected to the board will, on the very least, carry unbiased thought and perspective into the boardroom, which … could also be directionally aligned with each other and even a few of Grok’s views, however solely on account of intellectually sincere deliberations with their fellow board members or the board reaching an total consensus,” it stated.


CGI Glass Lewis is advising buyers to again the candidacies of Twidell, Schott and Holman, however has not advisable voting in favour of Pollaers, a former govt at Pacific Manufacturers and Foster’s.

Within the interview on Tuesday, Cannon-Brookes stated Grok would solid its votes in opposition to AGL’s local weather transition plan, whereas CGI Glass Lewis has advisable that buyers help it.

Regardless of AGL earlier this 12 months bringing ahead the deliberate closure of its last-remaining coal-fired energy station, Loy Yang A in Victoria’s Latrobe Valley, by as much as 10 years to 2035, Cannon-Brookes stated that timeline was aligned with a goal of worldwide temperatures rising by 1.8 levels above pre-industrial ranges reasonably than the extra bold 1.5-degree goal of the Paris local weather settlement.

“It’s nice that it’s extra bold than what they’d earlier than … [but] I don’t assume it’s bold sufficient or actually goes far sufficient,” he stated.

Cannon-Brookes, who stated he had spent $600 million amassing his stake in AGL, reiterated his view that AGL’s board urgently wanted renewal and extra related expertise to harness the large “behind the meter alternatives” as households swap to 100 per cent electrical energy in coming years.

After scuttling AGL’s deliberate demerger, which Grok argued would have left two smaller entities less-able to spend money on renewables to exchange coal-fired energy stations, he stated he believed the “job is half-done”.

“Now, as a shareholder, I wish to construct a terrific development firm that goes and assaults this decarbonisation alternative and actually income from it,” he stated. “It has an enormous potential to take action, given the property it has, and we’d like nice expertise to go do this.”

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