AGL demerger withdrawal welcome

Tuesday, 31 May 2022
 

Aware Super welcomes the announcement that AGL Energy has withdrawn its demerger proposal.

We particularly note the stated intention of the AGL Board to decarbonise AGL Energy’s business ‘at the fastest rate possible’, and expect to see a robust and credible Paris-aligned climate transition plan.

We have been engaging with AGL over the long term, and have been advocating for the company to provide investors with a strategy and targets that are aligned to limiting warming to 1.5 degrees.

The announcement provides more time for AGL to further consider the expectations of all shareholders in both creating long-term value, and operating consistent with the target of limiting global warming to no more than 1.5 degrees.

Aware Super does not believe these objectives to be mutually exclusive, and on behalf of the hundreds of thousands of healthcare workers, first responders and workers in every community across Australia who make up our membership, we encourage AGL’s leadership to pursue these outcomes with renewed vigour.

We believe it will be necessary for the investment community (whether directly or through collaborative initiatives such as CA100+, of which Aware Super is a member) to engage with AGL to ensure an orderly transition to net zero by 2050 considering the impact on employees and the community. 

Note to Editors

Previously known as First State Super, we changed our name to Aware Super in September 2020.

Aware Super is a name that reflects our members and what we stand for. It echoes the strengths of our past, aligning to our purpose to be a force for good in superannuation, retirement, and advice, driving better outcomes for our members, their families, and communities. 

Aware Super has been the fund for people who value community since 1992, and we’re now one of Australia’s largest funds and continuing to grow. We merged with VicSuper and WA Super in 2020 and now manage $155 billion in savings for more than 1 million members located across the country.

Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today – improving our communities, building a more a sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns. 

Discover how we’re helping members do well financially while doing good in the world: Visit aware.com.au.