Atlassian co-CEO Mike Cannon-Brookes is putting his money behind an effort to make Australia’s biggest power company stop spewing.
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.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
AUD/USD Forex Signal: More Downside for AussieThe AUD/USD pair is hovering near the lowest level in February this year as market participants focus on the recent RBA and Fed decisions.
Les mer »
Musk, Bezos, Gates lose billions in net worth in tech downturnThree big-name tech billionaires have been hit with sizable blows to their net worth as the technology sector has soured in recent days.
Les mer »
The independent republics of Big Tech—not 'disinformation'—are the biggest threat to democracy | OpinionIt's time for the U.S. to reign in its Big Tech companies. They, not 'disinformation,' are the biggest threat to our democracy.
Les mer »
Elon Musk says he would end Twitter's permanent Trump ban.thereidout Blog: The tech billionaire called the company's decision 'morally wrong and flat up stupid.”
Les mer »
El Salvador unveils Bitcoin City plans in the middle of the market crashAs the world sees crypto coins shrink in value, El Salvador is betting big on a Bitcoin City that it hopes will revive its fortunes.
Les mer »
Toyota To Use Innovative U.S. Tech To Improve Factory Efficiency | CarscoopsToyota will install hundreds of devices that track the joint and eye movements of workers
Les mer »