Telstra's annual shareholder meeting on October 16 looms as the first real flashpoint of this year's AGM season, as proxy firms line up against its remuneration report, and a material vote against looms.

AGM season will likely be dominated by concerns about performance, pay and culture. And while there are no shortage of critics of the AGM construct, Telstra will be one of many meetings that again prove the importance of the meeting to Australia's corporate governance system.