Chief executive Ian Livingston said shareholders had rasied concerns over the level of investment and economic return in providing 10 million homes with 100Mbps fibre-based broadband by 2012.
Livingstone admitted a number of shareholders think BT "should hold onto the money".
"We need to have the environment in which our shareholders feel there is a good chance of us making a return. If we cannot have that environment this is not the time to be taking on sure-fire losses," Livingston said.
However another BT spokesperson said: "The project isn't at risk because of the recession. There's nothing that is affecting that investment decision at this moment".
See also: BT announces 10,000 job cuts