Atlassian co-CEO Mike Cannon-Brookes is putting his money behind an effort to make Australia’s biggest power company stop spewing carbon.
Yet, two months later, he was back again with his majority stake. Last year, with a similar approach, hedge fund Engine No. 1just a .02% stake in ExxonMobil and was able to win two board seats after convincing major investors like BlackRock and the New York State Common Retirement Fund that the oil company wasn’t doing enough to reduce its carbon footprint.
AGL, which provides power to 4.5 million consumers and emits 8% of Australia’s carbon, is in the process of closing down one coal plant in New South Wales. It has said it would close another in 2032, and a third plant in 2045. Following Cannon-Brookes’ announcement, the boardlast week that its plan to spin off the coal plants, while continuing to serve consumers through AGL, will cost the company $180 million, but would ultimately provide the best value to shareholders.
VanEck Australia, an investment firm that’s among AGL’s top 10 shareholders, is currently weighing whether to support Cannon-Brookes’ push to stop the demerger. “We are of the opinion that we would like to see the coal power stations shut as early as practical,” says Jamie Hannah, VanEck Australia’s deputy head of investments. But, Hannah adds, it remains unclear whether Cannon-Brookes has a cohesive plan to close the plants ahead of schedule.
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