Telstra is in a yield sweet spot, page-89

moving customers to the NBN reduces TLS profit, some might go to other providers. So TLS are getting $1 Billion for this.
To my knowledge they also get rental on the conduits, Ducts, Exchanges which I think were valued at $60 Billion, so the NBN lease these.

So from this $1Billion,
$700 Million went to Telstra Treasury - To buy back shares, debt, to manage the EPS, raise further debt
$300 Million go a Telstra Development Fund - to fund technological advancement, partnerships

BAU from NBN connections, Wireless, 4gx/5g, to cover Interest/Tax/Costs. then leave 70-90% of that for dividends.

If the price goes down Telstra Treasury can buy the shares. If desired the shares can be cancelled by the board. Not sure on the Tax implications.

There is a Board of Directors for a reason, the mix in the board needs to be looked to bring a visionary perspective to the board, which can feed down the business or be able to take information from the business (ie: Feed up).

Businesses/employees have a responsibility, to drive social and financial gains. In recent times Financial gains are what everyone is looking towards. IMO they should apply BEST - Business Employees Social Test.

That's my rant...