Telstra has rejected criticism from the corporate regulator over the way it releases information to its shareholders.
The Australian Securities and Investments Commission (ASIC) criticised Telstra's continuous disclosure procedures as it today released the findings of a three-month investigation into Australia's biggest telecommunications company.
Telstra welcomed ASIC's decision not to take legal action over briefings made to the federal government and analysts before the information was provided to the Australian Stock Exchange (ASX).
But Telstra rejected ASIC's criticism of its continuous disclosure procedures.
"Telstra rejects any suggestion that its continuous disclosure policies and practices are inadequate or that there is potential risk of future non-compliance," company secretary Douglas Gration said in a statement.
"Telstra's standard of corporate governance is widely respected in the Australian corporate community, and has been recognised in independent surveys conducted both domestically and internationally."
ASIC chairman Jeff Lucy said the regulator found "a set of practices which cannot be regarded as acceptable for a corporation of the size and significance of Telstra to the Australian market".
Telstra also addressed specific concerns raised by ASIC, saying it believed that the use of a webcast for an analysts' briefing on August 11 was "an efficient strategy for disseminating information to a large and widespread audience, consistent with best practice corporate governance".
ASIC had said that it was clear that "some information given during that briefing was not available in Telstra's ASX announcements, either before or after the briefing".
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Why do Tel$tra exec's think they can make or change the rules to suit their own corportate ends? They do it consistantly and the regulators allow them to effectively thumb their nose at the rules which are laid down by government regulation.
It's not good enough and time the regulators taught Tel$tra a lesson. I've no doubt if it were a small company which doesn't have the huge resources of Tel$tra's legal department, they would be dragged into court quick smart and be faced with a heavy fine.
Why is Tel$tra allowed to get away with such arrogant behavour?