Despite Assogestioni's reservations and the letter with which the funds expressed their perplexity, Vivendi he won the first round. The Telecom Italia's Board of Directors has in fact accepted the request of the first shareholder of the company to integrate the agenda of the next meeting, scheduled for the 15th December, with the request presented by the French group to expand the board with the entry of four councilors representing him.
Previously, during a meeting with the company's top management, the funds had expressed some perplexity about the request, as did the Assogestioni Management Committee which communicated its opposition to the Telecom board, fearing the dilution of the weight of the members independent appointed by the market within the board of directors, but above all complaining that the four representatives of Vivendi were released from the obligation to compete.
Next December 15, therefore, the Boards of Telecom Italia will have to decide whether to expand the number of directors from the current 13 to 17, also welcoming Vivendi representatives. In Piazza Affari, the stock closed up by 1,21% at 1,16 euros.
In responding to the funds that had criticized Vivendi's request to join the board, the board replied that the French request is "legitimate“and that “the suitability of the candidates appears indisputable".
