Page title: AGL dumps coal demerger and bosses quit after Mike Cannon-Brookes greenie campaign

Australia’s largest energy producer AGL has dumped plans to demerge its coal-fired power stations following a campaign from billionaire climate change activist Mike Cannon-Brookes.

AGL Energy on Monday announced it would  kill off plans to separate AGL Energy into AGL Australia and Accel Energy via a demerger, with both the chairman and chief executive resigning as a result.

Mr Cannon-Brookes, Australia’s second richest man with an estimated fortune of $27.87billion, used his 11.8 per cent share in AGL Energy via Grok Ventures to kill off the proposal.

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Australia’s largest energy producer AGL has dumped plans to demerge its coal-fired power stations following a campaign from billionaire climate change activist Mike Cannon-Brookes (pictured is the Liddell power station at Muswellbrook in the NSW Hunter Valley that is closing in April 2023)

AGL Energy told the Australian Securities Exchange on Monday, before the market opened, this meant it wouldn’t have the 75 per cent approval threshold among shareholders to make a demerger happen.

Chief executive Graeme Hunt and chairman Peter Botten are both resigning.

Jacqueline Hey also quit as a non-executive director, effective Monday. 

Diane Smith-Gander will resign from the AGL Energy board following the release of its full-year results in August.