April 9, 2018 / 5:18 PM / 2 months ago

Italian fund association will not present slate for Telecom Italia board vote

MILAN (Reuters) - Italian fund association Assogestioni said on Monday it had decided not to present a slate proposing candidates for the board of phone group Telecom Italia (TLIT.MI) ahead of a shareholder vote on May 4.

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

Last month eight board members nominated by top investor Vivendi (VIV.PA) resigned, triggering a full board renewal at Italy’s biggest phone group.

The move came after activist fund Elliott proposed a shareholder vote to replace six of Vivendi-nominated board members at a separate meeting on April 24.

Reporting by Agnieszka Flak

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