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AGL to give shareholders climate vote
Jul 22, 2021 â 1.49pm
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AGL Energy, the countryâs biggest greenhouse gas emitter, has agreed to give shareholders a vote on climate reporting for both its demerged businesses as renewed pressures build up around its emissions commitments ahead of its annual shareholder meeting.
Shareholders in both the coal power-heavy Accel Energy and in the retail-dominated AGL Australia will be able to have their say in an advisory vote on the respective companyâs climate report, chairman Peter Botten advised on Thursday.
The concession is in line with the âSay on Climateâ campaign, an initiative developed by British activist investor Christopher Hohn which has been gaining traction in Australia. Woodside Petroleum, Santos, Rio Tinto and Oil Search have this year all agreed to put on climate reporting to a non-binding, advisory vote starting at their 2022 AGMs.
Carbon challenge looms ahead of AGL’s historic demerger plan
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AGL, the nation’s biggest energy utility, is facing a shareholder push to explain how its demerged businesses will meet global targets to avert the worst impacts of climate change.
As part of its response to the accelerating clean energy transition, AGL is proposing to split itself into two companies: AGL Australia, to hold its power, gas and telecommunications retailing divisions as well as some cleaner generation assets; and Accel Energy, which will own its emissions-intense coal and gas-fired power stations.
AGL (ASX:AGL) share price checks in at new 52-week low
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Mitchell Lawler is a site writer at The Motley Fool Australia. He holds a Bachelor of Engineering and previously worked in the consulting space while his interest in equities grew. Mitchell is now completing his studies in finance and wealth management and hopes to help others in their investing journey.
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AGL Energy Limited(ASX: AGL) share price is continuing to fall, hitting a new 52-week low today.