KEY POINTS:
The two men put forward for election to the board of Telecom, Mark Tume and Mark Cross, have failed to win their bid at today's annual shareholders meeting.
This means existing directors Rod McGeoch and Kevin Roberts keep their seats. Exact details of the winning percentage are not yet available.
Elliott International, a United States-based hedge-fund, put forward its own nominations for two directors. It targets distressed financial situations, and has called Telecom the lowest valued integrated telecommunications company in the world.
Elliott owns 3 per cent of Telecom and is proposing Mark Tume and Mark Cross be added to Telecom's board as independent directors.
"Telecom's share price has been in decline over the past two years and its share price is around a 15-year low with profits expected to continue to fall over the next two years," a website set up by Elliott said.
