For now, everything remains as it is at the top of Telecom Italia. The board of directors appointed yesterday by the shareholders' meeting and chaired by Franco Bernabè, appointed Giuseppe Recchi as Executive Chairman, Arnaud Puyfontaine as Vice Chairman and Flavio Cattaneo as Chief Executive Officer.
So confirmed the rumors of the eve. Based on expectations, Recchi should preside over the pro tempore group, to then resign the office (and related powers) in favor of Arnaud de Puyfontaine after the arrival of the European Union's response to the prior notification sent by Vivendi at the end of March, in which the French giant informed the Antitrust that, after the meeting of 4 May, if its majority list were voted, it would obtain de facto control of the Italian telecommunications group. What promptly happened yesterday with the victory by a whisker of the majority list of Vivendi to the detriment of that of the funds and the appointment of all ten directors chosen by Vincent Bolloré's company. The European Commission's decision is expected on May 30.
The Executive Chairman and the Chief Executive Officer have been confirmed with responsibilities and powers already in place while de Puyfontaine is Vice Chairman with vicarious functions, but without any delegation.
"It is a very special day because there is a new board and we are happy with its composition, which will be able to push the recovery of Telecom Italia". This is the comment of the CEO of Vivendi who, however, did not provide any indication on the ways in which the OItralpe company will deal with the AgCom decision to declare the contemporary positions of the French giant in Mediaset and Telecom incompatible with current legislation. Silence also on the timing relating to the EU pronouncement on prior notification, but according to expectations, the response should arrive at the end of the month.
Returning to powers and delegations, the Tim note specifies that the Executive Chairman Recchi will have the task of providing for the identification of the guidelines for the development of the Group, in agreement with the Chief Executive Officer, and for supervising the elaboration and implementation strategic, industrial and financial plans. Not only that: the supervision of the definition of the organizational structures, of the economic and financial performance, of the process of defining the guidelines of the internal control and risk management system. Organizational responsibility for Legal Affairs, Institutional Communication, Public Affairs, Brand Strategy and Media and Corporate Shared Value, as well as the governance of the TIM Foundation; supervision of security matters and of the company TI Sparkle. Representation of the Company and the Group in external relations with the authorities, institutions and investors
In addition to the legal representation, as per the Articles of Association, the Chief Executive Officer is instead attributed all the powers necessary to carry out the acts pertaining to the company's business, with the exception of the powers reserved to the Board of Directors and those delegated to the Executive Chairman; the responsibility relating to the overall governance of the Company and the Group, and therefore the responsibility for defining, proposing to the Board of Directors and therefore implementing and developing the strategic, industrial and financial plans, the responsibility for defining the structures and all the organizational responsibilities for guaranteeing business management and development in Italy and South America
The Board of Directors also proceeded to ascertain the possession of the independence requirements of the Directors Camilla Antonini, Franco Bernabè, Ferruccio Borsani, Lucia Calvosa, Francesca Cornelli, Dario Frigerio, Anna Jones, Felicite Herzog, Marella Moretti, Danilo Vivarelli.
Meanwhile, in Piazza Affari, the race for Telecom Italia shares continues, after closing yesterday's session with a rise of 4,66% at 15.20, gaining 2,77% to 0,889 euros.
