Telecom Italia shareholders reject conversion of savings shares into ordinary shares; approve enlargement of BoD
The ordinary and extraordinary sessions of the Telecom Italia Shareholders' Meeting met today chaired by Giuseppe Recchi. The Shareholders' Meeting recorded the presence of 55.67% of the Company's ordinary share capital.
In the extraordinary session, the Shareholders' Meeting did not approve the conversion of savings shares into ordinary shares with the following voting percentages:
62.5% of the attending share capital voted in favour;
1.5% of the attending share capital voted against;
36.1% of the attending share capital abstained.
The resolution needed the favourable vote of the 2/3 of the attending share capital.
In the ordinary session the Shareholders' Meeting:
approved the proposal by the shareholder Vivendi SA to enlarge the Board of Directors of Telecom Italia from 13 to 17 members;
approved the appointment of four new Directors, according to the list presented by the shareholder Vivendi SA: Arnaud Roy de Puyfontaine, Stéphane Roussel, Hervé Philippe and Félicité Herzog; the new members will remain in office for the remaining term of the existing Board
approved to increase the overall remuneration of the Board of Directors, until the end of the term, in proportion to the number of Directors appointed
The Shareholders' Meeting ended at 5.40 p.m.
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Following the rejection of the mandatory part of the savings shares conversion operation, the grounds on which the resolution, submitted for consideration by the Special Shareholders' Meeting of savings shareholders of the Company convened for 17 December 2015, is based fall short.
A previous report said that TI would have made EUR 570m from the conversion