By PAUL PANCHURST
Telco giant Telstra faces revolt on both sides of the Tasman after ordering shareholders to hand over bank account details or forfeit future dividend payments.
Dozens of Telstra's 18,000 New Zealand shareholders have telephoned the company's share registry in this country, the Ashburton-based BK Registries, since Telstra announced the
requirement last week.
From January next year, Telstra will pay dividends by direct credit, with no payments by cheque. Those phoning the share registry were not calling to say how delighted they were, deadpanned registry administration manager Tony Clarke.
Shareholders cite security and privacy fears as reasons for withholding account details.
Shareholders' Association chairman Bruce Sheppard believed Telstra was "out of order - they have no constitutional basis to do this."
"So," he said, "I would be inclined to tell them to get stuffed."
