Tim, the process for establishing the new board of directors has begun
The process for the composition of Tim’s board of directors begins with 9 members, but the obstacle represented by Vivendi arises. Considering the need to “consistently continue the actions underway during a particularly delicate and unique phase of corporate transformation”, i.e. the transfer of the network to a consortium led by KKR, the Tim board of directors, which met yesterday, “resolved to unanimity to make use of the right, in accordance with the statute and in line with best practices, to present its own list which aims to obtain the majority, as already happened during the previous renewal.” This is what was reported by La Stampa.
The process for the presentation of a list by the outgoing board for the renewal of the board officially begins, with the aim of confirming the CEO Pietro Labriola. To draw up the list, the board decided to adopt a specific procedure “in line with the indications of the Supervisory Authority and in accordance with best practices.” The board also deemed it appropriate to reduce the number of its members from the current 15 to 9“consistent with the long-term trend in similar companies, following the practice adopted in various large listed companies and with a view to containing the out-of-pocket costs of governance.”
The change in the number of members must naturally be approved by the assembly, just as it will be the duty of the shareholders to vote on the list proposed by the outgoing board, which at the moment does not seem to receive the approval of Vivendi, the main shareholder with 24% of the shares, which has expressed dissent on the decisions and methods with which the sale of Netco was managed. For the French group, all alternatives are possible, from support to an alternative list to the presentation of its own list of candidates.
Subscribe to the newsletter