Grok Ventures has tapped an energy and manufacturing dream team as picks for the AGL board

Mike Cannon-Brookes’ Grok Ventures is backing a former Tesla boss and energy and manufacturing experts to refresh the AGL board ahead of its ‘monumental’ turnaround task.

Former Energy Security Board chair Dr Kerry Schott.

Mike Cannon-Brookes’ Grok Ventures will back four new directors to join the AGL board, including former Energy Security Board chair Kerry Schott and former Tesla director Mark Twidell, saying the company needed added skills to inform the “monumental” task ahead of it.

A day ahead of the release of AGL’s long-awaited strategic review, scheduled for release on Thursday, the billionaire’s investment company, which is AGL’s largest shareholder, said the current five-strong board would “benefit greatly from new directors who bring different and much needed skills to undertake the urgent transformation of AGL’’.

Grok’s candidates are: John Pollaers, former Fosters chief executive and former head of the

Mike Cannon-Brookes, billionaire and co-founder of software company Atlassian.

Australian Advanced Manufacturing council; Kerry Schott, former Sydney Water chief executive and former chair of the Energy Security Board; CSR, Metcash and Collins Foods director Christine Holman, and; veteran energy executive and Tesla’s former director, energy programs, Mark Twidell.

“Grok is nominating these four independent candidates to give shareholders choice, each of whom will get their say at the AGM on November 15,’’ Grok said in a statement.

“We can see no reason why the current board wouldn’t support having additional skills and experience to work in all shareholders’ interests.

“Grok believes the AGL Board needs to expand to include a broader range of skills, expertise and capabilities to reset the strategic direction and culture of this historic company.’’

Neoen Aus managing director Louis de Sambucy with Mark Twidell - Director, Energy at Tesla. Picture: Glenn Ferguson

Mr Cannon-Brookes’ firm said it was pleased by last week’s announcement that the former chair of the Clean Energy Council, Miles George, would be joining the board, “but there are other parts of the skills matrix that need to be strengthened to execute on the monumental amount of work required to reset AGL’s strategy, culture and operations’’.

Grok identified the need for “deep knowledge” of the complexity of rolling out utility scale and home batteries, supporting further electric vehicle take-up, and the regulatory difficulties in transforming the energy grid, as key skills the board needed.

Culture was also identified as an issue, with expertise needed in, “turning around and reviving companies and institutions, including re-engineering strategy, culture and mindset within organisations, bringing new and existing employees and customers on a challenging but rewarding journey’’.

Grok said it was “optimistic about the future of AGL under fresh leadership and renewed ambition’’.

Metcash and Collins Foods director Christine Holman.

AGL was recently forced to backflip on its choice of Paula Dwyer as the company’s new chair, who was picked to replace Peter Botten who resigned after AGL’s long-held demerger plans to split its coal-fired power stations from its retail arm were derailed by a campaign led by Mr Cannon-Brookes.

Ms Dwyer was rejected by major institutional shareholders over concerns she may fail to execute a green transition.

AGL’s second pick for chair, Patricia McKenzie, failed to placate Mr Cannon-Brookes, who said earlier this month Grok might vote against her re-election at the annual meeting.

Ms Mckenzie said in a statement late on Wednesday that AGL “respects the right of shareholders to nominate candidates for election as directors’’.

“AGL’s Notice of 2022 Annual General Meeting will be published in October, which will include the board’s recommendation on each resolution to be considered at the meeting, including relevant candidates.

“We share the ambition of our many shareholders for decisive action on climate change as well as a strong and sustainable AGL.’’