The National Broadband Network (NBN) deal between the NBN Co. and the federal government is a go as far as Telstra Corporation shareholders are concerned as they gave their collective approval on Tuesday for the $11 billion contract.

With only the Australian Competition and Consumer Commission (ACCC) coming in the way of its full roll out, of which the structural and logistical collaboration will be mostly provided by Australia's dominant telco, Telstra and NBN Co. are all set to work on a transition that would allow the latter to takeover the former's huge copper network spread across the country.

Under the multi-billion dollar deal, Telstra will have to hand over its telecommunication facilities to NBN Co. for the next 30 years while at the same time gradually retire its fixed-line services, which the company said should be completed in 10 years.

In exchange, Telstra will get a handsome compensation of $11 billion that according to Telstra chair Catherine Livingstone convinced the company investors to throw their support behind the arrangement in light of lesser attractive prospects within the new broadband set-up in Australia.

Approving the plan on its annual shareholders meeting, Livingstone said that "both institutional and retail shareholders are supportive of our involvement in the NBN," considering the alternatives that Telstra presented to its investors.

However, independent market analyst Roger Montgomery characterised the Telstra shareholders' move as mostly influenced by necessity rather than weighing on available options for the telco he described as a perennial federal target.

"The choice was structural separation and no money, or structural separation and some money ... and they've actually got some compensation for actually agreeing to participate in the roll-out of the NBN," Montgomery was reported by ABC as saying on Wednesday.

Along with the decision to green-light the deal, Telstra shareholders also affirmed a new corporate pay scheme for the company that will upgrade the salaries being collected by its executives.

Touted by many experts as the best person available to implement the crucial transition for the company, Telstra co-owners have agreed to hand CEO David Thodey a $5.1 million pay package, which he would be able to take home if his performance in the quarters ahead would meet shareholders' expectations.