Atlassian Co-CEO Mike Cannon-Brooks has taken an 11% stake in Australia’s most popular utility. AGL Energy, to force it to burn more petite coal, a significant contributor to climate change.
The Australian software billionaire, who became part of the US basketball team Utah Jazz in 2020. Bought the stake via his private investment group, also Grok Ventures. He is now the largest sole owner of the company.
Cannon-Brookes has spoken out about the threat of climate change and is now responding to concerns. After the company rejected previous takeover offers by itself also other investors.
The new campaign goals to stop AGL’s proposed split into 2 companies: AGL Australia also ACcel Energy. Peter Botten, President of AGL Energy, wrote to investors. That the division would help Australia’s energy system move responsibly toward decarbonization also create long-term value.
Cannon-Brooks disagrees.
“Separation makes no sense, not a penny. We believe it destroys importance for everyone shareholders, employees, Australia, also the planet,” he tweeted Monday. He urged additional AGL Energy investors to vote against the proposal.
He clarified his position in a letter to AGL Energy’s board of directors.
“Under the unbundling proposal, AGL A [Australia] will continue to source most of its energy from Accel Energy, which currently generates electricity at a 50% higher emission also intensity than the rest of the grid,” he wrote. “We believe this commitment to coal power runs counter to your proposal that AGL A [Australia] will be a sustainability leader.
Cannon-Brooks and his friend from the University of New South Wales Scott Farquhar established Atlassian in 2002. The collaboration software maker go to public in 2015, also with earnings growth rates typically exceeding 30%, the stock has become a favorite with investors.