Cannon-Brookes wants all AGL investors to vote, but is it that simple?
Retail investors wanting to engage in shareholder activism could be “powerful”, but there are some hoops to jump through first.
In years to come, business schools will study activist investor Mike Cannon-Brookes’ bid to change energy giant AGL from within, but the Rich Lister’s latest attempt to bring retail investors along highlights the practical challenges in harnessing votes, financial advisers say.
Cannon-Brookes sent letters to AGL’s 150,000 shareholders on 24 October, urging them to vote for four nominees put forward by his investment firm Grok Ventures update the existing board at AGL Energy, describing the incumbents as “not up to the challenge”.
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