>>> Telecom Italia shareholders appoint new board, 10 of 15 directors from Viven

Telecom Italia shareholders appoint new board, 10 of 15 directors from Vivendi
05 MAY 2017
The ordinary Shareholders' Meeting of Telecom Italia [BIT:TITR] was held under the chairmanship of Giuseppe Recchi. The Shareholders' Meeting recorded the presence of 58.75% of the Company's ordinary share capital.
The Shareholders' Meeting:
  • approved the 2016 financial statements of TIM S.p.A., which closed with a profit of 1,896 million euros, and the distribution of a privileged dividend of 2.75 cents per share to savings shares only. The dividend will be payable from 21 June 2017 (record date 20 June 2017) with a coupon date of 19 June 2017;
  • approved the Report on Remuneration where it describes the Company’s remuneration policy for directors and key managers;
  • appointed the new Board of Directors approving the proposals presented by shareholder Vivendi [EPA:VIV] and establishing the number of Directors at 15, the duration of their term of office at three financial years (until the approval of the financial statements as of 31 December 2019), the total annual compensation of the board at 2,200,000 euros, to be distributed among its members in compliance with the resolutions approved by the Board itself.
As provided by the Company’s bylaws, having the slate presented by Vivendi obtained the highest number of votes, based on the slate voting system, the following 10 Directors were appointed:
1. Arnaud Roy de PUYFONTAINE
2. Hervé PHILIPPE
3. Frédéric CREPIN
4. Giuseppe RECCHI
5. Flavio CATTANEO
6. Félicité HERZOG (independent)
7. Franco BERNABÈ (independent)
8. Marella MORETTI (independent)
9. Camilla ANTONINI (independent)
10. Anna JONES (independent)
The remaining 5 Directors (all independent) were appointed from the slate presented by a group of asset management companies and international investors, as follows:
11. Lucia CALVOSA
12. Francesca CORNELLI
13. Dario FRIGERIO
14. Danilo VIVARELLI
15. Ferruccio BORSANI
Finally, the Shareholders' Meeting approved the proposal made by the shareholder Vivendi to authorise the waiver of the competition prohibition for the Directors imposed by article 2390 of the Italian Civil Code, where applicable.