April 9, 2018 / 10:16 AM / 6 months ago

Proxy adviser ISS says Vivendi 'more of a liability' for Telecom Italia

MILAN (Reuters) - Proxy adviser ISS recommended Telecom Italia (TLIT.MI) investors to back the list of directors proposed by activist fund Elliott at a vote expected at an April 24 meeting, claiming top investor Vivendi was a liability for the phone group.

FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy March 22, 2016. REUTERS/Stefano Rellandini/File Photo/File Photo

ISS also said Telecom Italia (TIM) shareholders should vote in favor of confirming current TIM Chief Executive Amos Genish as a board member of the former phone monopoly.

“At this point, Vivendi appears to be more of a liability than an asset for TIM ... and Vivendi’s influence has not brought about stability,” ISS said in a report.

Reporting by Stefano Rebaudo; writing by Giulia Segreti; editing by Francesca Landini

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