Telecom Italia has announced that it has received a request to call a shareholders’ meeting from its second-largest shareholder, Findim Group. The first item on the agenda requested by Findim is the removal from office of the directors designated by Telco, the holding company that controls Telecom Italia. Given that Telco-appointed directors account for four-fifths of the board, Findim also requests the subsequent renewal of the entire board of directors if the first item is approved. Finally, a third item of ‘related and consequent resolutions’ is also on the agenda.
Findim recently acquired a package of Telecom Italia shares to increase its stake in the company from 4.99 percent to 5.04 percent, the purpose being to reach the legal threshold to request a shareholders’ meeting pursuant to article 2367 of the Italian Civil Code.The next TI board meeting is scheduled for 7 November, when new chief executive Marco Patuano is expected to unveil a business plan outlining the future of the company’s South American units and a possible corporate restructuring in Italy. A successor to former chairman Franco Bernabe, who resigned on 3 October, may also be appointed at the meeting.
