What’s going on with the AGL share price today?

The AGL Energy Limited (ASX: AGL) share price is outperforming on Wednesday despite the company’s silence.

Its strong performance also comes despite more bad news for the company’s board as it heads towards its annual general meeting (AGM).

Three key proxy advisors have reportedly sided with major shareholder and billionaire Mike Cannon-Brookes ahead of a shareholder vote on the election of four potential directors.

Right now, the AGL share price is up 1.54% at $7.23. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has lifted 0.26% and the S&P/ASX 200 Utilities Index (ASX: XUJ) has jumped 0.33%.

Let’s take a closer look at the latest on what could amount to a major scuffle at AGL’s AGM.

AGL share price lifts amid more AGM drama

The AGL share price is out in front of the market today amid reports three proxy advisors have recommended the company’s shareholders vote against the AGL board’s recommendations.

The drama kicked off last month when the board advised shareholders to vote against electing three of the four potential directors nominated by Cannon-Brookes.

Going up against the Atlassian Corp (NASDAQ: TEAM) co-founder and co-CEO hasn’t gone well for the company in the past. Who could forget the successful campaign against the company’s split?

The AGL board recommends shareholders support the appointment of former Tesla Inc (NASDAQ: TSLA) director Mark Twidell. However, it recommends they vote against the election of Cannon-Brookes’ other nominations, Dr Kerry Schott, John Pollaers, and Christine Holman.

The billionaire slammed the move as “yet another poor decision” that “ignores the threats and opportunities facing AGL”.

And it appears key proxy advisors are on his side.

Institutional Shareholder Services recommends shareholders vote for the election of all four nominations, while Ownership Matters and CGI Glass Lewis recommend they vote for all except Pollaers, the Australian Financial Review reports.

The firms are said to advise around 30% of all outstanding AGL shares between them. Of course, Cannon-Brookes boasts an 11.28% stake in the company through investment vehicle Grok Ventures.  

No doubt all eyes will be on AGL, and its share price, when the company hosts its AGM on Tuesday, 15 November.

The post What’s going on with the AGL share price today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Atlassian and Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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