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Glass Lewis tells Telecom Italia investors not to vote Vivendi
April 19, 2017 / 3:03 PM / 8 months ago

Glass Lewis tells Telecom Italia investors not to vote Vivendi

MILAN (Reuters) - Influential proxy adviser Glass Lewis has recommended shareholders in phone group Telecom Italia (TLIT.MI) do not vote on a slate of directors submitted by top investor Vivendi (VIV.PA), a document showed.

The move follows a similar recommendation by rival Institutional Shareholder Services (ISS).

    Vivendi, which owns 24 percent of Telecom Italia, has indicated that it wants its CEO Arnaud de Puyfontaine to be the Italian group’s new chairman, putting him top of its list of board nominees.

    Both proxy advisers told shareholders to back a list of candidates presented by funds association Assogestioni.

    Telecom Italia shareholders are set to appoint a new board on May 4, and the new directors will then pick a chairman at a meeting scheduled for the following day.

    Reporting by Stefano Rebaudo, editing by Valentina Za

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