市场见解

AGL (ASX:AGL) share price climbs as shareholders vote for greater carbon cuts

AGL’s shareholders weren’t shy to show their opinion through vote yesterday
The post AGL (ASX:AGL) share price climbs as shareholders vote for greater carbon cuts appeared first on The Motley Fool Australia. –

The AGL Energy Limited (ASX: AGL) share price is flying higher this morning. It is currently up 4.93% to $5.96.

This comes after the company’s executives copped a grilling from shareholders at its annual general meeting (AGM) on Wednesday.

In a heated exchange, shareholders voiced their concerns on a number of issues with the company’s response to climate risk.

Let’s take a closer look.

What went down at AGL’s AGM yesterday?

The major takeout was that 55% of shareholders voted in favour of the energy giant setting short and long-term emissions targets in accordance with the Paris Agreement.

This is despite AGL’s board recommending shareholders vote against the proposition.

However, of the 6 resolutions put forward at the AGM, item 6 was was a two-part segment. The “Paris Goals and Targets” item was called resolution 6B. The former, 6A, was an “amendment to the (company’s) constitution”.

Voting to amend AGL’s constitution did not receive broad voting support.

This is important – because in a bit of a loophole, according to AGL’s chair, Peter Botten, the Paris Goals resolution was “contingent” on the constitution being amended.

So even though the majority 55% of shareholders voted in favour of AGL to adopt decarbonisation targets, the resolution was not passed.

Not only did the majority of shareholders vote in favour, but it was also the largest ever contested vote in Australian corporate history – without board support. As such, yesterday’s vote was considered an “advisory vote” only.

Botten also said AGL’s board “does not believe it is in the best interests” of the company to make the transitional “commitment unilaterally” into renewables.

“The task is to create a glide path rather than a crash landing,” Botten explained. He noted that policy and investment reasoning are also key factors in making any change as smooth as possible.

Nonetheless, even though AGL acknowledged “more is required” and that work is underway to “define the decarbonisation roadmaps” for the upcoming demerger, AGL remains without short and long-term decarbonisation goals, for now.

AGL share price snapshot

The AGL share price has struggled this year to date, falling 52% since January 1.

The shares have also fallen by about 60% over the past 12 months. That’s well behind the S&P/ASX 200 index (ASX: XJO)’s return of around 25% over the last year.

The post AGL (ASX:AGL) share price climbs as shareholders vote for greater carbon cuts appeared first on The Motley Fool Australia.

Should you invest $1,000 in AGL Energy right now?

Before you consider AGL Energy, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and AGL Energy wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

AGL (ASX:AGL) share price gains 3% as chair acknowledges ‘very disappointing year’
The AGL (AGL) share price hit multi-decade lows last week. What’s next?

Why the AGL (ASX:AGL) share price is in focus on Monday
These were the worst performing ASX 200 (ASX:XJO) shares last week

AGL (ASX:AGL) share price falls amid ASA’s planned push for Paris targets

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

随时随地,交易世界!

移动APP平台,拥有 12 个市场的 50,000 多种全球上市证券(全球市值超过 70%),直接在您的 Android 或 iOS 设备上即可操作。

与独有的交易理念和投资分析工具相结合,帮助您在我们 12 个全球市场中的几乎所有金融工具上找到可操作的见解,从而帮助您优化交易策略。

推荐给您的朋友

向您的朋友推荐Monex并赠予他们免费使用我们交易工具的机会

我们尊重您的隐私,只会向您的朋友发送一封邮件 

与您的朋友分享

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!