Faced with the decision by Telecom's board of directors not to appoint the candidate proposed by Italian and foreign institutional investors as a new director, following the resignation of the now ex-president Franco Benabè, the reaction of the fund managers was strong.
Marco Vicinanza, member of Assogestioni's Corporate Governance Committee and coordinator of the Management Committee, told Radiocor, “A new era has begun in Telecom. We institutional managers will keep our eyes open and pay the utmost attention to what is happening, we will operate with the channels that are permitted to us such as engagement (active shareholding initiatives), we will make our voice heard through independent directors, with the aim of improve governance".
The two committees, in a letter sent to Bernabè last week to which no reply had arrived, had proposed the appointment of Francesca Cornelli as replacement for Elio Catania, a position then assigned to Angelo Provasoli, president of RCS.
“The co-optation of the director was a prerogative of the board of directors, we only asked that the name of a person be taken into consideration who, in our opinion, could have strengthened the protection of minorities, in such a delicate phase for the company. Our proposal considered the delicate situation in which Telecom finds itself after the increase in Telefonica's stake in Telco – particularly in the light of Telefonica's potential conflict of interest (Telecom's competitor and shareholder)”, explained Vicinanza.
Regarding the possibility of the funds to reach a higher share of participation in the meetings, Vicinanza then recalled: "Telecom has a widespread shareholding, thanks to our efforts we are able to reach a significant share in the meeting but not such as to obtain an overwhelming majority".
Telecom, meanwhile, a few minutes before the closure of Piazza Affari, lost 0,63% on the Stock Exchange with a value per share of 0,63.
