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Telstra reiterates guidance =3

On Friday 19 November 2010, 9:29

Chairman Catherine Livingstone told the meeting about 600 written questions had been submitted to the board ahead of the AGM, mainly addressing Telstra's strategy, its share price, remuneration, the board and the NBN.

"In the short-term we need to do more to protect shareholder value, because your board is very concerned by Telstra's undervalued share price," she said.

The share price has fallen to record lows due to the company's lack of growth in revenue and profits, the uncertainty surrounding the NBN, the sell-off of shares by the Future Fund, and a devaluation of incumbent telecom stocks globally, Ms Livingstone said.

"Your board is confident that Telstra has the right strategy and is resolute in ensuring its execution," she said.

Ms Livingstone also said the board remained committed to maintain its 28 cent fully-franked dividend for this and the next financial years.