AGL’s demerger backflip has been labelled “the most bungled and misguided” attempt at a corporate restructure in Australian history. On Monday morning, Australia’s biggest domestic contribut
Following shareholder opposition underscored by ESG concerns, AGL will no longer pursue a demerger; a move that sees the departure of its chief executive Graeme Hunt and chair Peter Botten.
HESTA has welcomed the decision by AGL to scrap its de-merger plan, after spending an estimated $160 million, and the chief executive and chairman resigned.
HESTA has announced it will vote against AGL’s demerger proposal as it believes it will not adequately support economy-wide decarbonisation and will not be in the best interests of members.