Workers urge shareholders to vote against Telstra CEO’s $5m pay packet amid job cuts and declining services

Telstra workers are urging shareholders to vote down the telco’s remuneration report at Telstra’s AGM on Tuesday – a move which, if successful, could see the Telstra board receive a second “strike” and result in a motion to spill the board.

The union representing Telstra workers has received a significant number of proxies from Telstra workers and supporters which it intends to use at the AGM.

If passed, the remuneration report would see Telstra CEO Andy Penn’s pay packet skyrocket 34% to $5million.

CEPU Communications Union National President, Shane Murphy said shareholders should send a message that it is outrageous that the Telstra CEO’s salary continues to rise exorbitantly despite the company a declining share price, slashed dividends and major job losses.

“It was only a year ago when shareholders slammed Penn’s remuneration report. Telstra is clearly on the brink of an unprecedented crisis, yet Mr Penn is lining his pockets with a whopping 34% pay rise.

“Andy Penn continues to bolster his own pay packet whilst overseeing one of the biggest axing of jobs in Australian corporate history.

“Let’s also not forget about Telstra’s declining share prices and slashed dividends to shareholders, and their reduction in technical and maintenance jobs – all of which is leaving Aussie investors and consumers high and dry.

“While Telstra workers are struggling to keep their job, and get a pay rise that survives inflation, Penn’s salary continues to rise by more than a third. Penn’s salary is rising at unbelievable rates, and it is hard working Australians who are paying the price.

“We know that Telstra customers are regularly left stranded without help because Telstra are too focused on cost cutting and axing jobs.

“Telstra should be investing in jobs and reliable services – not investing in the CEO’s pay packet.

“This once iconic telco is being driven into the ground, and customers, investors and the workforce are being forced to bear the brunt of it.”

Media contact: Amelia Brock 0430 187 161

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