Jenal Dhar (ILF2022)
The Australian
Activist environmental, social and governance investor Snowcap Research, which played a role in AGL’s scuttled demerger plans, now has energy giant Santos in its sights – as well as CEO Kevin Gallagher’s $6m bonus.
The group, led by British 20-something twins Chris and Henry Kinnersley, sent a letter to the energy giant’s board overnight because ‘‘Santos has lost its way’’.
Calling for sweeping reforms, Snowcap said it blamed Santos’s “aggressive growth capex plan” for the “drastic underperformance” in its share price, making it the “lowest returning exploration and production peer over a one-year, two-year, and 10-year time frame”.