October 16, 2018 / 6:27 AM / a year ago

Australia's Telstra shareholders vote against exec pay

Oct 16 (Reuters) - Telecommunications provider Telstra Corporation said on Tuesday that its shareholders had voted against its remuneration report at its annual general meeting for 2018.

Almost 62 percent of shareholders voted against the remuneration report for the year ended June 2018, the company said.

The company apologised to shareholders last week to head off a vote against executive pay. It has already cut executives’ bonuses by a nearly a third.

Telstra’s chairman told the meeting the firm’s profit was expected halve upon the government-owned National Broadband Network’s scheduled rollout in 2021. The company had cut its final dividend by about a third in August. (Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

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