The yesterday's company's general meeting witnessed further deterioration in the relationships of Telstra and its largest shareholder, Future Fund, as the shareholders kept on blaming the executives for the reduction in share values while the Future Fund voted against the all the resolutions taken during meeting.

Dr Nora Scheinkestel's selection as the board member was opposed by the Future Fund boards of guardians the advice of its proxy advisors to vote in favor of the resolutions.

Catherine Livingstone, the chairman quoted on the recent review by Telstra's board found it, ''has a good mix of skills and is operating effectively as a group.''

Telstra is having 11 directors out of which nine are non-executive and only two, have experience in telecommunication. The nine directors include Geoffrey Cousins; once chief executive of Optusvision for one year and John Zeglis, worked as legal counsel for US telco AT&T for 15 years and remaining seven are the accountant either from the government agencies or banking and finance sector or logistics, science and information technology.

Dr Scheinkestel's appointment has been supported by 80.2 percent while the remuneration got the 76.7 percent votes and constitutional amendments received 78.5 percent votes in its favor.

The fund has sold 879 million shares out of 2.1 billion shares since February 2007 and admitted to continue this selling over the medium term. Ms Livingstone called this as the one of the major factors responsible for the downfall of the Telstra's shares.

On Wednesday, the share price of Telstra's was $2.56 per share.

The Future Fund being not aware about the utilization of the funds generated from the investment programme voted against the measure.