Cannon-Brookes redoubles calls for AGL shareholders to vote in new directors

Mike Cannon-Brookes’ Grok Ventures has again urged AGL shareholders to vote in favour of its preferred board directors at the company’s annual general meeting next month, as the billionaire tech mogul continues his campaign to de-carbonise the energy utility.

Cannon-Brookes, AGL’s largest shareholder who walked away from an attempt at acquiring the company last year has been campaigning for an overhaul of the company’s board. His personal investment vehicle Grok has put forth four candidates for director’s seats at next month’s AGM: Professor John Pollaers OAM, Christine Holman, Dr Kerry Schott AO and Mark Twidell.

AGL has rejected three of the candidates but endorsed Twidell, a former Tesla executive.

“To execute on the decarbonisation opportunity, AGL needs the right directors on its board,” the Atlassian founder said in the letter. “Directors who can deliver inspirational thinking to return AGL to its leadership position in energy retailing and generation”.

The letter argued the current board is “not up to the challenge” of delivering on the company’s potential, pointing out four out of five directors advocated for the failed demerger.

“Without expanding the size, diversity and skills of the Board, we believe AGL will continue to fall behind the rapidly transforming energy industry, and further destroy shareholder value,” Cannon-Brookes continued.

Pollaers is the chancellor of Swinburne University of Technology and the chair of the Australian Financial Complaints Authority. Schott is the ex-Chair of the energy Security Board and is touted by Grok as bringing “unrivalled credentials, experience and relationships with government, business and regulatory stakeholders”. Holman is a non-executive director on three ASX listed groups Metcash, Collins Food and CSR.

AGL has been approached for comment.

AGL’s former chairman Peter Botten, chief executive officer Graeme Hunt, and two non-executive directors resigned in May after the company scrapped plans to split its retail power business from its wholesale generation business following pressure from shareholders, led by Grok. Patricia McKenzie-a proponent of the failed demerger- became chairman in September. Since McKenzie joined the board in 2019, AGL’s share price has dropped 69 per cent. Origin Energy has fallen 25 per cent over the same period.