telco he says no. The holding company that controls the majority share of Telecom Italy unanimously confirmed that tomorrow, during the assembly of the tlc group, will vote against the proposal to revoke the current board of directors advanced by Marco Fossati's Findim, which has about 5% of the company in its pocket. This decision, added to the one announced abstention of the American fund Blackrock – which controls just under 10% of the voting capital – should pave the way for the survival of the current board of directors.
If this scenario is realised, Telco will propose Stefania Bariatti and Angelo Tantazzi as candidates for the appointment of directors for the integration of the Telecom Board of Directors. If, on the other hand, the shareholders' meeting expresses itself in favor of the revocation, the holding company will vote in favor of a new board of directors made up of 15 members, in any case supporting the two names contained in its list presented on November 25, 2013.
If all the candidates of the two lists presented so far are elected, Telco will vote for six additional independent candidates: Gabriele Burgio, Paolo Fumagalli, Mario Notari, Francesco Profumo, Angelo Tantazzi and Giorgio Valerio.
The holding has also decided to propose that the duration of the new Telecom board of directors be set at three financial years and therefore expire with the approval of the financial statements at 31 December 2015. The representatives of the Spanish Telefonica on Telco's board of directors have not proposed any names for the board of directors of Telecom Italia and abstained in the resolutions relating to all the candidates indicated above.
