Shareholders were asked to vote on the $11 billion deal between Telstra and NBN Co which would spell significant changes for the company.

Along with deciding whether Telstra would have an amiable partnership with the government-owned company, their vote would also determine whether the telco would undergo a structural separation of its retail and wholesale arms.

There were the predictably disgruntled shareholders that expressed their disdain for the National Broadband Network (NBN) and the way that Telstra has apparently been bullied into accepting an $11 billion deal with NBN Co.

After all, should Telstra refuse to voluntarily separate its business, it would not only have a functional separation forced upon it but it will be prevented from accessing spectrum to develop wireless broadband services.

The emotive "gun-to-the-head" analogy was used at one point during the AGM.