The AGL Energy Limited (ASX: AGL) share price is on the move this morning, currently trading down at $7.07 apiece.
Trading activity in AGL shares comes following fresh news a shareholder revolt forced the withdrawal of its next appointed chair.
In broad market moves, the S&P/ASX 200 Financials Index (ASX: XFJ) is flat from the open on last check.
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ANZ still facing internal turmoil
The country's oldest energy retailer was set to appoint one Paula Dwyer, former director of Tacorp and director of ANZ, as its new chair following the absence of former chairman Peter Botten.
However, the decision was met with immediate angst from the company's largest shareholder, Grok Ventures, owned by tech billionaire Mike Cannon-Brookes.
Whilst AGL was set to appoint Dwyer on Wednesday, it's understood that up to 4 institutional shareholders in the company opposed the move, resulting in Dwyer withdrawing the application.
Grok Ventures in particular was concerned with Dwyer's potential appointment, "given its view the company needs to be fundamentally rebuilt to extract value for shareholders from the energy transition," The Australian reports.
Superannuation fund Hesta and investment manager Martin Currie are also understood to have been against the proposal, The Australian said.
Whilst the news wasn't deemed price sensitive at all, AGL shares started the session down on Friday.
As to the market's reaction to the news, we'll have to wait and see, as the AGL share price has had one of its best years in the past 5 with the commodity boom in 2022.
It doesn't erase the tremendous erosion of value that has been exhibited on the chart since 2018 however, as noted on the chart below.
