Did Penn consider what was the best way to reward loyal Telstra shareholders?
Stats suggests that he was indifferent to mum and dad investors and catered for the top of town clients….
Buybacks is simply to cater for the professional traders such as Custodian or Nominee's client who are equivalent to people being on the dark web…Telstra directors have a responsibility to identify the owners but simply assume that these representing companies do the right thing.
With this attitude the board doesn’t bother to investigate whether authority has been given by the individuals for their voting preferences to any resolutions.
Basically lazy voters within Custodian and Nominee's companies votes are counted as determined by a company representative.
Yet lazy retail voters who don’t bother to vote aren’t considered as voting against a resolution by the Chairman!
It is a joke when supposedly 92.07% of retail investors holding at least 10,000 shares or less are ignored in a supposedly Public company.
TLS Price at posting:
$3.77 Sentiment: None Disclosure: Held
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