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Shareholders Endorse Confidence On Remuneration

TELECOM SHAREHOLDERS ENDORSE CONFIDENCE IN BOARD ON REMUNERATION

Telecom shareholders strongly endorsed the Board’s current policies and practices on Directors’ and senior executives’ remuneration at the company ’s Annual Meeting today.

Shareholders were asked to vote on four resolutions relating to remuneration that were put to the meeting by Shareholders Association chairman, Bruce Sheppard.

Given the Board already reviews the Company’s remuneration systems on a regular basis, Telecom Board Chairman, Roderick Deane said he was pleased shareholders saw no need for the Board to carry out a further special review.

“The Board is satisfied with the robustness and transparency of the remuneration systems Telecom uses,” he said. “These were outlined fully at the meeting.

“Debate on the issues was considered. The meeting was an excellent opportunity for shareholders to gain greater appreciation of the rigour their Board applies in this key area. We certainly endorse the right of shareholders to question and better understand what goes on, and we will take account of their views in future reviews.”

During the meeting, Mr Sheppard presented Dr Deane with the Shareholder Association’s inaugural ‘Beacon’ Award.

This award acknowledges Dr Deane’s leadership in corporate governance and in particular, the introduction of Telecom’s new policy regarding auditors ’ independence.

Also at the meeting, shareholders voted to re-elect Patsy Reddy and Michael Tyler to the Board. In accordance with the Telecom Constitution, Ms Reddy and Mr Tyler were required to retire by rotation but, being eligible, offered themselves for re-election.

Other resolutions relating to changes to Telecom’s constitution required by the Australian stock exchange were passed by shareholders.

ENDS


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