AGL shareholders keep foot on the transition accelerator

The Australasian Centre for Corporate Responsibility (ACCR) is responding to the shareholder vote on AGL’s Climate Transition Action Plan (CTAP), which received a nearly 31% vote AGAINST at the company’s Annual General Meeting, held today.

Commenting on the vote, Brynn O’Brien, Executive Director at ACCR, said:

“A sizeable chunk of AGL’s shareholders have used their votes to keep the pressure on Australia’s largest corporate emitter over its climate strategy. Nearly 31% of shareholders voted against AGL’s Climate Transition Action Plan today, matching the vote against the plan the company presented in 2022.

“This sends an unambiguous signal to AGL’s board and executives that the company needs to do more to drive the energy transition. AGL must move quickly to deliver real emissions cuts and a more compelling strategy that seizes the opportunities of the energy transition.

“AGL is still not Paris-aligned and its slow pace risks holding back the entire country’s transition. The new CTAP leaves the company out of step with Australia’s newly announced 2035 emissions target.

“AGL’s plan, which proposes no further reductions in gas emissions for the next decade, gives little confidence that company leadership is up for making the hard choices surrounding gas and its increasingly unreliable coal assets.

“To benefit from the transition, AGL needs to make big structural changes to its business, but its plan has major gaps: it fails to accelerate renewable buildout, ignores emissions from gas supply, and the electrification strategy lacks credibility, while coal closure dates remain too late.

“Shareholders have sent a clear signal: AGL must stop hedging and start leading by delivering a timely decarbonisation strategy.”

Background

ACCR’s analysis of AGL’s 2025 Climate Transition Action Plan can be found here.

AGL’s previous CTAP received a 30.69% vote AGAINST – making it the third worst ‘Say on Climate’ vote on record at the time.