---
endpoint: analytics
pattern: Telecoms
status: done
latency_ms: 128528
conversation_id: 3b5c2ebe-acf5-4e4c-af0f-e26a14dee1a6
citations: 2
created: 2026-05-31 19:08:41Z
---

# Who are the key shareholders of Telstra?

# Telstra (TLS-AU) — Key Shareholders

Telstra has no government / strategic shareholder today — the Commonwealth of Australia fully exited via T3 in 2011, and the register is dominated by **custodian / nominee accounts holding shares on behalf of underlying institutional investors**. The single substantial shareholder disclosure on the ASX is State Street.

## Substantial Shareholder (ASX disclosure ≥ 5%)

| Holder | Shares | % Voting Power | As Of |
|---|---|---|---|
| **State Street Corporation and Subsidiaries** | 697,178,937 | **6.03%** | 14-May-2024 (notice lodged 16-May-2024) [1] |

State Street is the only entity above the 5% substantial-holder threshold per ASX filings as of the most recent annual report (FY2024, dated 31-Jul-2024). Telstra explicitly notes this is the sole substantial shareholding notice on file [1].

## Top 20 Registered Holders (per Telstra FY2024 Annual Report, 31-Jul-2024)

The top of the register is overwhelmingly **custodian/nominee accounts** — these hold shares on behalf of underlying beneficial owners (institutional asset managers, super funds, ETFs, retail platforms), not in their own right.

| Rank | Registered Holder | Shares | % of Issued Capital |
|---|---|---|---|
| 1 | HSBC Custody Nominees (Australia) Limited | 1,426,605,158 | 12.35% [2] |
| 2 | JP Morgan Nominees Australia Pty Limited | 1,333,172,605 | 11.54% [2] |
| 3 | Citicorp Nominees Pty Limited | 1,139,243,250 | 9.86% [2] |
| 4 | HSBC Custody Nominees (Australia) Limited (separate a/c) | 1,056,396,990 | 9.14% [2] |
| 5 | BNP Paribas Nominees Pty Limited <Agency Lending A/C> | 527,129,805 | 4.56% [2] |
| 6 | National Nominees Limited | 216,163,338 | 1.87% [2] |
| 7 | BNP Paribas Noms Pty Limited | 138,587,418 | 1.20% [2] |
| 8 | Buttonwood Nominees Pty Ltd | 100,868,000 | 0.87% [2] |
| 9 | HSBC Custody Nominees <NT-Commonwealth Super Corp A/C> | 83,647,419 | 0.72% [2] |
| 10 | BNP Paribas Nominees <HUB24 Custodial Serv Ltd> | 66,636,446 | 0.58% [2] |
| 11 | Citicorp Nominees <Colonial First State Inv A/C> | 51,456,916 | 0.45% [2] |
| 12 | Netwealth Investments <Wrap Services A/C> | 51,418,412 | 0.45% [2] |
| 13 | Australian Foundation Investment Company Limited | 47,525,000 | 0.41% [2] |
| 14 | BNP Paribas Noms <Deutsche Bank TCA> | 43,483,540 | 0.38% [2] |
| 15 | Argo Investments Limited | 42,000,000 | 0.36% [2] |
| 16 | IOOF Investment Services <IPS Superfund A/C> | 31,482,128 | 0.27% [2] |
| 17 | Custodial Services Limited <Beneficiaries Holding A/C> | 25,322,382 | 0.22% [2] |
| 18 | BNP Paribas Noms (NZ) Ltd | 22,469,387 | 0.19% [2] |
| 19 | Netwealth Investments <Super Services A/C> | 22,001,041 | 0.19% [2] |
| 20 | IOOF Investment Services <IOOF IDPS A/C> | 19,328,394 | 0.17% [2] |
| | **Top 20 Total** | **6,444,937,629** | **55.78%** [2] |
| | Other investors | 5,109,489,724 | 44.22% [2] |
| | **Grand Total** | **11,554,427,353** | **100.00%** [2] |

## Beneficial Owners Sitting Behind the Nominee Accounts

The first five line items above (HSBC Nominees, JPM Nominees, Citi Nominees, BNP Paribas Nominees, National Nominees) collectively hold **~47.5%** of Telstra. These are global custodians — the **economic owners** are the underlying institutional asset managers whose holdings are aggregated under those custodian umbrellas.

CLSA's 27-May-2025 Telstra note ("Dreamtime journey") identifies the largest disclosed beneficial managers as **Vanguard-related entities** [3]:

| Beneficial Manager | Disclosed Stake |
|---|---|
| Vanguard Investments Australia | 1.9% [3] |
| The Vanguard Group, Inc. | 1.1% [3] |
| **State Street Corporation (ASX substantial holder notice)** | **6.03%** [1] |

## Read-Through

- **No controlling / strategic shareholder.** The largest disclosed beneficial holder is State Street at 6.03% — well below any control threshold.
- **Free float ~100%.** Telstra has effectively a fully floated, broadly held register following the Commonwealth's exit (T3, 2011) and Future Fund's exit (Mar-2011).
- **Top of register = global custodians.** HSBC + JPM + Citi + BNP Paribas + NAB-affiliated National Nominees together house roughly half the company on behalf of pooled institutional clients (Vanguard, State Street, BlackRock, Aussie super funds, ETFs, platforms).
- **Implication for activism / takeover dynamics**: with the largest beneficial holder at ~6% and a deep retail base (Top-20 holds only 55.78%, leaving 44.22% with "other investors" [2]), no single shareholder block can drive change unilaterally — Telstra is unusually dispersed for an ASX top-20 name.

---

**Sources**
[1] Telstra Group Limited — Annual Report FY2024 (Substantial shareholding disclosure, as at 31-Jul-2024)
[2] Telstra Group Limited — Annual Report FY2024 (Twenty largest shareholders as at 31-Jul-2024)
[3] Telstra — HLD (Dreamtime journey) — CLSA (27-May-2025) — 607960654LinqAlpha.PDF

## Citations

- [1] **Telstra Group Limited, H2 2024 Report** · external
- [2] **Telstra Group Limited, H2 2024 Report** · external

