The meeting of the showdown brought a first sensational result. On the impetus of Vivendi, the company's main shareholder for some time in the opposition of the top management, the shareholders have rejected the remuneration policy, one of the most anticipated and also the most divisive agendas. Green light instead to the 2022 budget. All less than 48 hours after the presentation of the new offers for Netco, the Telecom Italia network company, by Cdp-Macquarie (19,3 billion) and Kkr (19 billion). Both proposals are 1 billion higher than the previous ones, but still far from the 20 billion threshold set by Tim and the 31 billion considered "appropriate" by Vivendi to give up the Network. The board of directors will evaluate both raises on 4 May. In this context, in Piazza Affari, Telecom Italia shares lose 1,12% at 28,28 cents after the -8,3% recorded yesterday and this has fueled rumors, completely improbable, that could lead Vivendi to launch a takeover bid to absorb the losses of its disastrous Italian campaign.
Tim: manager's remuneration policy rejected
53,4% of ordinary share capital was present at the meeting. A large proportion, 45% would have abstained on the relevant points the remuneration, an aspect particularly contested by Vivendi, a shareholder with approximately 24% of the capital. 40,7% of the votes were in favour, 13,5% against. It didn't even go therea policy on compensation paid (29% of votes in favour, 25,2% against and 45,7% abstentions).
Also stop the long-term incentive plan known as the Long Term Incentive Plan 2023-2025 (with 42,5% of votes in favour, 10,6% against, 46,8% abstentions) and authorization to purchase ordinary shares Telecom Italia at the service of the 2023 short-term incentive plan (MBO) and the 2023-2025 Long Term Incentive Plan (with 40,8% of votes in favour, 13,4% against, 45,7% abstentions).
Instead, it obtained the go-ahead from the shareholders (with 53,2% of votes in favour; 1,1% against, 45,7% abstentions) the 2023 short-term incentive plan.
"The high number of abstentions had a significant influence on the results," Tim underlines in a note. But Vivendi's corporate guerrilla warfare is at the root of the shareholders' meeting results, but there is also the uncertainty that reigns in the government over the future of the Telecom network.
The candidates to replace de Puyfontaine were also rejected
In addition to the points just mentioned, Tim's shareholders' meeting has rejected the two candidates to replace the outgoing Arnaud de Puyfontaine, CEO of Vivendi. The two candidates were Paola Bruno, proposed by Assogestioni, and Franco Lombardi, president of Asati. According to Radiocor, some foreign funds and the French media company voted against Assogestioni's candidate. Confirmed instead in the office of advisers Julius Gallazzi, with 91,9% of the votes in favour, e Massimo Sarmi, with 93,2% of the votes in favour. The third director was therefore not appointed, "as the proposed candidates did not obtain the necessary majorities", highlights the company.
Ok to the 2022 budget
The Assembly approved (with 99,9% of the votes in favour) the 2022 budget, which closed with a net loss of 2,9 billion euro hedged by withdrawal from reserves.
