The management / board of Energy One has a significant holding in the company of roughly 50%. See approximate holdings below based on TIKR data and last annual report. It wont be 100% correct but gives you a good idea. I will update when the next report gets released (which should be soon). I assume Guy Steele now has a holding too after being appointed as CFO and Company Sectary on 28 JUN 21.

One potential concern of this structure is that this group can hold a significant amount of power and can be less friendly to smaller shareholders than they would otherwise be, even if unintentional. Looking at the Investor page of the website and the last annual report it is very much a case of the bare minimum which would support the fact they are focussed on larger shareholders.

This is something to keep in mind but to counter this there is an interesting story from Claude Walker in the Baby Giants podcast which implies management conducted an SPP for smaller shareholders after receiving feedback from smaller shareholders who were unhappy about how they were treated in a capital raising. I have not been able to confirm but is reassuring from a small shareholder perspective.

As to the team itself, Ian Ferrier is an impressive businessman with significant experience across various businesses and is Chairman of the Goodman group and co-founder of Ferrier Hodgson. Interestingly he holds a very small parcel of around $210K of Goodman Group shares as his only other holding listed on TIKR so he has significantly more of his wealth invested in Energy One

Vaughan Busby holds a few other directorships including Chairman of Scidev and of Netlogix. He is also a non executive director of Energy Queensland which is the state government entity that owns the Energy distributors (Formerly Energex and Ergon) assets.

Shaun Ankers was appointed CEO in 2008 so has been at the wheel for a considerable time.

Clearly this group have skin in the game and are very focussed on seeing it perform well and having shareholder interests (hopefully big and small) at heart.