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2018-10-17

Telstra AGM Mtg rally

Telstra cops massive serve from shareholders

Your Union has welcomed the voting down of the company's remuneration report at the Telstra Annual General Meeting, saying that executives granting themselves massive bonuses at a time when more than 8000 jobs are being axed from the company would have been completely irresponsible.

Shareholders yesterday voted down Telstra’s remuneration report — the report which outlines the salary and bonuses received by directors and senior executives – with 62% voting against the report.  The move means Telstra has been hit with its ‘first strike’.

Members and supporters yesterday morning rallied outside the Telstra AGM, urging shareholders to reject the remuneration report. 

rally outside Telstra AGM 

National President, Shane Murphy, said it was heartening to see the report rejected. 

“Shareholders have rightly held Telstra executives to account today,” Mr Murphy said. 

“Shareholders have done the right thing today and rejected the Telstra remuneration report. Why should we allow these Telstra executives to pay themselves bonuses while they destroy jobs and the foundations of this once iconic company? 

“Telstra executives’ attempt to give themselves big bonuses at a time when jobs are being axed and workers are being asked to accept a cut in take-home pay is beyond offensive,” Shane said. 

“These executives are so far out of step with reality it’s unbelievable. The top six executives are collectively paid 200 times more than the average Telstra worker. The inequity is ridiculous. 

“While the executives were trying to give themselves massive bonuses, Telstra workers are being asked to swallow a pay cut in real terms in enterprise bargaining, which is still underway. It’s great to see that shareholders have seen the inequity in that and rejected the remuneration report.” 

The Union received close to 200,000 proxies from Telstra workers and supporters ahead of the AGM.

We want to thank all members, their friends and their family members who entrusted their proxies to their Union. 

Your Union is today writing to Chairman John Mullen calling on him to personally intervene in bargaining to restore fairness to the process.

You deserve an EBA that protects your existing conditions and offers a fair pay rise that helps you keep pace with the rising cost of living. The executive team are out of touch - that is clear to us and, after today's vote, it is abundantly clear to the shareholders. 

It's time this issue was resolved.

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