Media Release

Wednesday 28 September 2022

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AGL BOARD RENEWAL

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After an extensive search alongside other shareholders and experienced parties, Grok Ventures will be supporting four additional independent Non-Executive Director nominations at AGL’s Annual General Meeting:

• Professor John Pollaers OAM;
• Dr Kerry Schott AO;
• Christine Holman; and
• Mark Twidell.

Grok believes the AGL Board needs to expand to include a broader range of skills, expertise and capabilities to reset the strategic direction and culture of this historic company.

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In Grok’s view the current Board of five would benefit greatly from new directors who bring different and much needed skills to undertake the urgent transformation of AGL.

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In accordance with clause 59 of AGL's Constitution, Grok (through its nominee shareholders) has proposed these four candidates for election to the AGL Board at the upcoming AGM and provided the requisite consents to AGL on Friday evening (23 September 2022).  

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Grok is nominating these four independent candidates to give shareholders choice, each of whom will get their say at the AGM on November 15. We can see no reason why the current Board wouldn’t support having additional skills and experience to work in all shareholders' interests.

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We’re pleased with Miles George’s appointment given his renewables development experience, but there are other parts of the skills matrix that need to be strengthened to execute on the monumental amount of work required to reset AGL’s strategy, culture and operations. Specifically:

• turning around and reviving companies and institutions, including re-engineering strategy, culture and mindset within organisations, bringing new and existing employees and customers on a challenging but rewarding journey;
• regulatory and government policy expertise required to navigate complex transformation in a heavily regulated operating context;
• deep knowledge of technology enabling the electrification of the grid and homes - including behind the meter opportunities, deployment of utility-scale and home batteries and further supporting electric vehicle adoption;
• delivering new business models that embrace shifting energy market models;
• understanding challenges and opportunities facing wholesale and retail customers; and
• a mix of deep operating expertise as well as operating on listed company Boards, including on governance, audit and risk committees.

Grok believes the four independent candidates represent the above skills and have the ability to embrace, and deliver on, the decarbonisation opportunity.

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Grok is optimistic about the future of AGL under fresh leadership and renewed ambition. Setting up the right team now is critical so AGL can get to work on the opportunity in front of it – Paris-aligned coal closure dates, delivering low-cost electricity from large-scale renewables whilst helping customers to optimise their behind the meter assets to deliver the lowest cost energy to homes, businesses and industry.

ENDS