Influential superannuation fund HESTA removed AGL Energy from its list of companies it may divest from after Australia’s biggest polluter bowed to pressure to move more quickly to curb emissions.
The move is a boost to AGL’s market perception, which came under sustained pressure last year amid a shareholder revolt over its timetable of retiring fossil fuel generators. HESTA has previously welcomed the plan, but it went a step further on Tuesday and removed AGL from its so-called watchlist.“We currently believe the approach AGL and its management team have outlined to shareholders more appropriately balances risks, returns and decarbonisation. Reflecting this progress by AGL, HESTA has removed AGL from its watchlist at this time,” said Kim Farrant, head of responsible investment at HESTA.RELATED QUOTESAGLAGL Energy$7.750 -0.13%
AGL Price at posting:
$7.77 Sentiment: None Disclosure: Not Held
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