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On Tue, Nov 13, 2007 at 01:25:50PM -0700, Nate Duehr wrote:
> > Dissenting investors complained recently in Australia about high pay  
> > packages
> > for the telecom company Telstra, reported the Australian newspaper  
> > on Nov. 7.
> > Two-thirds of shareholders' votes at the company's annual general  
> > meeting just
> > held in Sydney were against the pay arrangements for chief executive  
> > Sol
> > Trujillo and other senior officials.
> 
> "It's good to be the King.", I guess.   But... if 2/3's of the  
> shareholders didn't all immediately sell all of their shares...?
> 
> Where's the teeth in their demands if the Board knows they'll all stay  
> investors.

For that matter, what were the exact voting rules in place there? It's
not uncommon for there to be multiple classes of "voting" stock, some
with real power, some without.

Some investors even *like* that, because you can always ultimately vote
by simply selling, and it can help prevent takeovers and make for more
steady management. Depends on the circumstances.

> Telstra is also an odd-duck, it's a government-propped-up monopoly  
> still, isn't it?  Not much in the way of competition.

Yup. I just ordered DSL finally for my apartment, and spent a good 2
hours going through all the different providers out there. I'm glad I
live in Canada!

- -- 
http://petertodd.org
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