The Telecom assembly of 15 December could hold some unexpected surprises. After the company's Board of Directors approved Vivendi's request to integrate the possible expansion of the board with the entry of four directors representing it into the agenda for the next meeting, it seemed that the French shareholder, in possession of the 20,1% of the capital, had the road paved.
Instead, the situation could once again get complicated. Proxy advisor ISS has recommended Telecom shareholders vote against expanding the board from 13 to 17 members, with the inclusion of Vivendi's candidates. The nomination of Vivendi's four candidates would reverse some of the positive changes that have been introduced by the company on the occasion of the last renewal of the board of directors, including the reduction of its size, the greater presence of independent directors and the increase in the representatives of minority shareholders'.
In other words, according to ISS, the company could nullify the efforts made in the last period and return to the starting point. On the occasion of the meeting of 15 December, ISS instead recommends a vote in favor of the proposal to convert the savings shares into ordinary shares.
