Atlassian Co-CEO Cannon-Brookes holds 11% ownership of AGL Energy

Atlassian Co-CEO Mike Cannon-Brookes poses with Utah Jazz co-owners Dwyane Wade and Ryan Smith during Round 1 Game 3 of the NBA Playoffs on April 21, 2022 at vivint.SmartHome Arena in Salt Lake City, Utah .

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Atlassian Co-CEO Mike Cannon-Brookes holds an 11% stake in Australia’s most prominent utility companies, Energy AGLin an effort to force it to burn less coal, a major contributor to climate change.

The Australian software billionaire, who became a part owner of the US Utah Jazz basketball team in 2020, bought the stake through his private investment group Grok Ventures. He is currently the largest single holder in the company.

Cannon-Brookes has spoken out about threats from climate change and is now acting on its concerns after the company rejected an earlier takeover offer by him and other investors.

New campaign to stop AGL’s split proposal into two companies: energy retailer AGL Australia and power generation company Accel Energy. AGL Energy President Peter Botten wrote in a letter to investors that the split will help Australia’s energy system move towards responsible decarbonization and long-term value creation.

Cannon-Brookes does not share that view.

He wrote in a tweet in Monday. He urged other AGL Energy investors to vote against the proposal.

He elaborated on his position in a letter on the board of directors of AGL Energy.

“According to the proposed demerger, AGL A [Australia] will continue to source most of its energy from Accel Energy, which today generates electricity at 50% more emission intensity than the rest of the grid,” he wrote. We believe that exposure to coal-fired power generation is not suitable for your proposal that AGL A [Australia] will lead the way in sustainability. “

Cannon-Brookes and his friend from the University of New South Wales, Scott Farquhar, founded Atlassian in 2002. The collaboration software maker went public in 2015 and has seen revenue growth consistently over 30%, shares become a favorite of growth investors.

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Growth software companies, especially losers like Atlassian, have lose their light in recent months as interest rates rise.

But Cannon-Brookes remains one of the richest people in the world. He and Farquhar each own 19% of Atlassian’s outstanding Class A shares, worth a combined $25 billion.

In October, Cannon-Brookes and his wife, Annie, performed “green commitment,” committed to spending more than $1.5 billion on climate initiatives by 2030. Grok Ventures has invested in renewable energy company Sun Cable, which is developing the infrastructure for solar energy storage in Australia and moving it to Singapore. Grok Ventures also backs WeaveGrid, an electric vehicle software startup based in San Francisco.

Energy AGL speak on Monday that the coal-fired Loy Yang A power plant in southern Australia was shut down on April 15 due to a generator failure and likely won’t return until August, dampening profit expectations. profit for the whole year.

“Don’t rely on opportunities, break it down [AGL Energy] put more pressure on struggling coal-fired power plants. Today we will see this with Loy Yang A,” Cannon-Brookes wrote in a tweet.

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