Approximately 30 per cent of AGL Energy investors voting by proxy at the company’s AGM have opposed its latest climate transition plan. This suggests Grok Ventures, the major shareholder owned by Mike Cannon-Brookes, was among those voting against the proposal. AGL Energy is a major electricity and gas supplier in Australia. The company owns and operates several power generation facilities, including two large coal-fired power plants.
According to figures presented to shareholders at the AGM in Sydney, 89.4 million shares were voted against the 2025 climate plan, compared to 198.8 million shares voted in favour. Approximately 1.9 million shares were left open, and 1.1 million were at the discretion of chairman Miles George.
Despite the opposition, the climate plan is expected to pass easily, as the majority of proxy votes were in favour. All three main proxy advisors recommended shareholders support the climate plan, although some expressed reservations about whether the plan goes far enough to set a clear path for decarbonisation of AGL’s operations. Grok Ventures has consistently advocated for a more rapid decarbonisation strategy for AGL.
The significant opposition vote underscores ongoing investor pressure on AGL to accelerate its transition to cleaner energy sources. While the climate plan is likely to be approved, the sizable dissenting vote highlights the need for the company to address concerns about the pace of its decarbonisation efforts.
