The race that will lead to the renewal of the has begun Tim's board of directors and the current president will lead the operations Salvatore Rossi. The board of directors met to start the necessary procedures and provided an initial positive orientation on the opportunity of reducing the composition of the board from 15 to nine members.
Tim, the drawing: Labriola still driving
A leaner but still led by board of directors Peter Labriola whose task, reorganizing the group and cutting debt, is not yet completed. These are the outlines of a plan that Tim will compose in the coming months, arriving at April 23 with a list of names to propose to the members, on the occasion of the assembly which will also have to approve the 2023 accounts and the new plan.
Tim, towards reducing the board of directors from 15 to 9 members
A proposal that will still have to be approved by the assembly. In any case, as underlined in a note released at the end of the board meeting, "the board deems it appropriate to reduce the number of its members compared to the current number of fifteen directors". “In particular, in consideration of the prospective evolution of the company's activity and its business perimeter following the execution of the delayering plan, the appointment of a nine-member board of directors appears appropriate,” we read.
The outgoing council will participate in the race as expected with its own list. “In consideration of the need to give continuity to the actions underway in a very delicate and unique passage of change in the corporate reality – explains Tim – the board of directors has unanimously decided to avail itself of the right to present its own list which aspires to be majority, as already occurred on the occasion of the previous renewal".
Salvatore Rossi leads the work on the list
The process launched today "will go through an initial phase of surveying the shareholders and market representatives to proceed, firstly, with the definition of these profiles and the drafting of an initial and broad list of possible candidates and, finally, a short -list”. The coordination of the activities was entrusted to the president Salvatore Rossi, "as an independent figure and Super partes and who has already announced that he does not wish to stand again; he will also have the task of keeping the board of directors constantly updated on the progress of the process, which will take all relevant decisions, with the support of the Appointments and Remuneration Committee".
Tim, the process and stages for the new board of directors
The process has its stages: the list for the board of directors must be made public 45 days before the meeting, probably on 6 or 7 March, when the Telco board of directors has already been convened to approve the budget. From there there will be 15 days for the presentation of any other lists.
Following the specific procedure, approved by the board of directors, Rossi will start a consultation with Vivendi, the reference shareholder with 23,75% and with Cdp which holds 9,81% of the capital and will sound the market by discussing with professional investors, representative associations and proxy advisors.
Tim, with the separation of the network underway and the sale to Kkr in fieri, is aware of being "in a very delicate and unique transition of change in the corporate reality" and wants to give continuity to its governance. Rossi, it was said, will not run again and some rumors have already circulated about a possible new presidency. Labriola has instead indicated his availability for a new mandate.
The role of Vivendi
The unknown remains Vivendi, which has no representatives on the board of directors and if it does not want to consolidate its participation again, it will have to continue to remain outside but it could, as was done in the past when it came to assigning the position vacated by Arnauld de Puyfontaine, suggest some welcome names.
To present your shortlist of candidates you must have a stake of at least 0,5%: the only one to come out of the closet at the end of October was the Luxembourg fund Merlyn with an alternative plan to the sale of Netco which, however, has a stake significantly lower.
