The agenda of theTelecom Italia shareholders' meeting to be held on April 24th, which follows the board meeting scheduled for 9 April, was integrated following the decisions of the board of statutory auditors with the Elliott requests, the activist fund which has over 5% of the capital.
The two new points, according to a note, concern first the revocation of directors "to the extent necessary" and according to the chronology of the resignations of eight directors that took place during the board meeting of 22 March 2018. A second point envisages the appointment of six directors indicated in Fulvio Conti, Massimo Ferrari, Paola Giannotti De Ponti, Luigi Gubitosi, Dante Roscini and Rocco Sabelli, replacing the terminated Arnaud Roy de Puyfontaine, Hervè Philippe, Frédéric Crépin, Giuseppe Recchi, Félicité Herzog and Anna Jones.
Tim, whose main shareholder is Vivendi with almost 24%, had initially decided not to integrate the agenda of the 24th because he believed that, at that date, the board of directors was to be considered lapsed (with the resignation of 8 out of 15 directors) and it was necessary to renew it in its entirety. The object of the dispute is now the resolution of April 24 because, if the assembly decides to vote on Elliott's proposal, the board of directors of the group could change face and continue practically without representatives of its first shareholder. There are differing opinions on the effectiveness of the possible resolution of April 24, according to legal sources.
