Telecom Italia agrees to add Vivendi board request to agenda

News General Italy 26 NOV 2015
Telecom Italia agrees to add Vivendi board request to agenda

Telecom has announced that it has agreed to add a request from top investor Vivendi to increase the size of the company's board to the agenda of its 15 December shareholder meeting. The French media conglomerate wants to enlarge the board from 13 to 17 members to make way for four of its own representatives, a request that has raised corporate governance concerns among shareholders such as Italian asset managers association Assogestioni. However, in a statement addressed to shareholders Telecom Italia announced that “the board looks with favour on shareholders taking part in the active life of a company," adding that “the suitability of the candidates appears indisputable.” Vivendi's board nominees are CEO Arnaud de Puyfontaine, COO Stephane Roussel, CFO Herve Philippe and consultant Felicite Herzog.

Earlier this week Telecom Italia CEO Marco Patuano said that a company with 20 percent of capital that wanted representation on the board was an example of "good governance". The 15 December meeting will also discuss a proposal to convert saving shares into ordinary ones which, if approved, will see Vivendi’s stake reduced to 13.9 percent.

Categories:

General

Companies:

Telecom Italia,  Vivendi

Countries:

Italy

Tags:

Shareholders & subsidiaries, Wholesale, Corporate strategy

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