Cannon-Brookes slams 'toxic' AGL

The news: Software billionaire and major AGL shareholder Michael Cannon-Brookes has slammed the energy company's environmental record and called for its quicker decarbonisation, the Australian Financial Review reports.

The numbers: Cannon-Brookes' Grok Ventures owns more than 10% of AGL. Yesterday, AGL posted a full year loss of $1.26 billion, partially due to a $700 million impairment charge related to the planned early closure of its Victorian Loy Yang A coal-fired power station.

The context: Grok Ventures and Canadian fund manager Brookfield attempted to buy out AGL in early 2022, but their bid was rejected by the AGL board. Last September AGL brought forward the closure of Loy Yang A from 2045 to 2035, and it plans to shut its Hunter Valley Bayswater station between 2030 and 2033.

What they said: “AGL is one of the most toxic companies on the planet,” Cannon-Brookes told a Australian Institute of Company Directors forum on Friday.