Ecotricity and Good Energy’s long-standing rivalry has spilled into a boardroom battle, reports the Financial Times. Privately-owned Ecotricity has been acquiring shares in publicly-listed rival Good Energy over the last year and is now its largest shareholder with a 25.3 per cent stake in the business. Now Ecotricity is pushing for two nominees to be added to Good Energy’s seven-strong board, including Ecotricity’s founder, owner and chief executive Dale Vince.
John Maltby, chairman of Good Energy, told the FT: “There can be no reasonable expectation that any representative of Ecotricity would put the interests of Good Energy shareholders, customers and other stakeholders before those of Ecotricity”. Vince countered: “We are disappointed at the tone taken by Good Energy in their announcement, and surprised at the suggestion we would not operate in the interest of the business. As the largest single shareholder in Good Energy we have the most to lose if the business does not succeed.”
Good Energy will hold a general meeting to decide on the the resolutions, which will pass if more than 50 per cent of votes cast, including those by Ecotricity, are in favour.
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