Telstra chairman David Thodey has pledged that the company will seek shareholder approval in the event that it agrees to sell some or all of its infrastructure to the Federal Government for the proposed national broadband network - and will be looking to get cash, reports The Age and The Sydney Morning Herald.

“If the board proposes a substantial change to the nature or scale of Telstra’s business in connection with the NBN, subject to the required regulatory approvals, the board intends to seek shareholder approval,” Mr Thodey said at a Telstra investor day yesterday. “If there is any significant change to this company, we will be coming back to shareholders.”

To read this report in The Age and The Sydney Morning Herald in full, see:
www.theage.com.au/business/telstra-pledge-to-investors-20091028-hl3r.html
www.smh.com.au/business/telstra-network-sale-show-us-the-money-20091028-hkzm.html