Proxies cast on Telstra's controversial Remuneration package for executives including CEO Sol Trujillo are heavily opposed to the deals.
In a non binding vote on Telstra's remuneration report to shareholders, 3.63 billion shares, 66 per cent of the total, were cast against, and 1.83 billion or 34 per cent cast in favour.
Telstra chairman Don McGauchie said the board was very disappointed by the vote, which while non-binding, is a major rebuff for the board by major shareholders, including the new Future Fund, which owns 16.5 per cent.
The board carefully analyse the figures "and give them full consideration in future remuneration planning." Telstra's board believed the plan was fair and reasonable and would not have proposed it if it did not, he said.
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