Telstra has avoided board re-election and a second ‘strike’ after shareholders voted to approve a 34% salary increase for CEO Andy Penn, despite efforts from the union members to derail the vote.
Telstra shareholders voted to approve the salary increase for CEO Andy Penn despite criticisms from the CEPU amid job cuts and declining services, bringing his remuneration to $5 million.
“Andy Penn continues to bolster his own pay packet whilst overseeing one of the biggest axing of jobs in Australian corporate history,” said CEPU national president Shane Murphy, who urged shareholders to send a message of outrage to Telstra shareholders, prior to the vote this morning.
The vote comes off the back of efforts by Telstra to restructure and streamline products and services offered by the company in a strategy project called Telstra 2022.
“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,” said Mr Murphy.
