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In a letter sent to shareholders on Tuesday, chief executive David Thodey and chairman Catherine Livingstone said the negotiations were being conducted in a positive and constructive manner.
"As we stated last week, we are disappointed the government has felt it necessary to introduce this legislation at a time of such fundamental change in the industry," the pair wrote.
"This legislation will mean a significant change to Telstra and the industry.
"We are continuing our negotiations with the government in a much more constructive and positive manner, but let us conclude by addressing a misconception that has been raised recently in the media.
"The board and management have always had, and will continue to have, the interests of shareholders as our over-riding priority."
Mr Thodey and Ms Livingstone said in their letter they had been encouraged by the many emails and letters it had received from shareholders expressing concerns about the government's initiatives.
Under legislation introduced to parliament a fortnight ago, Telstra faces the structural separation of its wholesale and retail businesses - by either voluntary or forcible means.
The proposal is aimed at creating a more level playing field ahead of the build-out of a high speed national broadband network (NBN).
The telco is preparing a submission for a senate inquiry into the proposed regulatory reforms, which is due by October 7, Mr Thodey and Ms Livingstone said.
Telstra shares were up three cents at A$3.26 (US$2.84) at 1326 AEST.
(AAP) bl
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