Telstra shareholders have voted in favour of the $11 billion deal that will see the company hand its fixed-line copper network to the National Broadband Network (NBN).

 

The vote, conducted at the company’s AGM in Sydney, saw 99 per cent of proxy votes support the deal, while only 0.55 per cent voted against. The full result is expected within the coming days.

 

Telstra Chairman Catherine Livingstone praised the result, saying that the NBN will accelerate industry change, and that consequently it would be in Telstra’s best interest to cooperate with the NBN Co.

 

The deal will see Telstra lease its telecommunications infrastructure to NBN Co for the next 30 years.

 

However, the Structural Seperation Undertaking (SSU) is still pending approval by the Australian Competition and Consumer Commission (ACCC). Ms Livingstone said that Telstra was ‘continuing to work closely’ with the ACCC in creating a draft Migration Plan and is expected to submit a revised SSU in the coming weeks.

 

“We continue to believe that none of the issues raised by the ACCC in relation to the SSU is insurmountable and that they can be resolved in a way consistent with our principle of protecting shareholder value,” Ms Livingstone said.

 

Investors also backed adjusted remuneration packages for the company’s senior executives, including the $5.1 million package for chief executive David Thodey if performance hurdles are met.