Telecom New Zealand [ASX: TEL] shareholders today voted to retain two company directors who had been facing the chop, and rejected a US shareholder's nominations.
Major shareholder Elliott International had put forward two nominations to the board, Mark Cross and Mark Turne. These nominations were rejected.
And two existing directors, Rod McGeoch and Kevin Roberts - each facing dismissal had shareholders not voted to re-elect them – were re-appointed.
The instability within the company's board was caused by the state of Telecom NZ's current share price, which has been falling relatively steadily since mid-May.
TEL shares are currently trading at $2.38, down from a peak of around $3.75 in May.