1. Telstra Shareholders' Vote on Penn Salary Shows Power of Industry Super Funds

    Telstra Shareholders' Vote on Penn Salary Shows Power of Industry Super Funds

    Andy Penn's $4.5 million salary self-funded retirees were the most vocal of Telstra's shareholders, but the real move against the chief executive's pay packet earlier this month came from industry and public sector super funds...

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    1. There's a culture of accountability being created around executive pay and the performance of boards and that's threatening to those who don't want change.
    2. As a large long-term shareholder, we are primarily interested in appropriate pay for performance outcomes.
    3. Gender diversity on boards has been shown to lead to better financial outcomes.
    4. Our primary objective as a shareholder is the same as any directors. We want the company to have sustained long-term success – so that can benefit our members' retirement outcomes.
    5. Boards and executives are coming under pressure from their shareholders – what's wrong with that?
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