Telecom is calling for telecommunications regulation to be subject to independent scrutiny, bringing it in line with the energy sector.
The company has been forced to split its business into three operationally separate units, open up its exchanges to rivals and improve broadband.
Chief executive Paul Reynolds told shareholders at its annual meeting on Thursday that the current regime is unbalanced, and not transparent.
Both companies and regulators need to be accountable, he says, and Telecom wants regulation to be subject to scrutiny under the Telecommunications Act.
He says regulators set prices and investment levels so shareholders are entitled to see that decisions they make are fair.
Mr Reynolds says Telecom has been in discussion with regulators all year about the matter.