Telstra Corporation shareholders have voted resoundingly in favour of the telco's $11 billion deal with the federal government on the National Broadband Network (NBN).

According to Telstra, proxy and direct voting position presented at the telco's annual general meeting indicated that Telstra shareholders are fully behind  Telstra’s participation in the roll out of the NBN.

The resolution has received the support of 99.1 per cent of shareholders who have voted or lodged a proxy.

The final results of the poll on this item will be available later today.

Earlier, the telco reaffirmed it would hold its dividend steady this year and the next and management would consider returning capital to shareholders after the NBN deal with the federal government gets the tick from the Australian Competition and Consumer Commission .

Telstra chief executive David Thodey said the deal struck with the federal government and NBN Co protected shareholders under the current policy, and if there were any future change in government policy.

Telstra chairman Catherine Livingstone said shareholders were broadly supportive of the deal.

“It is clear from this interim result on the resolution that, given the alternatives facing their company, both institutional and retail shareholders are supportive of our involvement in the NBN," she said.

Ms Livingstone said Telstra was continuing to work closely with the ACCC on the Structural Separation Undertaking (SSU) and Draft Migration Plan and expected to submit a revised SSU in the coming weeks.

“We continue to believe that none of the issues raised by the ACCC in relation to the SSU is insurmountable and that they can be resolved in a way consistent with our principle of protecting shareholder value,” she said.

Telstra has promised to put a revised deal before its shareholders if the ACCC seeks a material change in the agreement from the telco.

According to Ovum research director David Kennedy, getting the deal past the regulator remains the biggest hurdle in the path of the NBN, given that the telco’s shareholders were always unlikely to reject the existing agreement. 

“Industry comment on Telstra’s draft SSU has been highly critical, and it is likely that changes will be made,” Mr Kennedy said.

He added that the ACCC has a negotiating advantage over Telstra because failure by the telco to conclude an SSU by the end of the year would activate the statutory requirements for a compulsory functional separation.