MILAN (Reuters) - Italian proxy adviser Frontis Governance has recommended Telecom Italia (TLIT.MI) investors back a proposal by activist fund Elliott to replace six board members and shake up the way top shareholder Vivendi (VIV.PA) runs the group, a document showed.
The Frontis recommendation follows those issued by bigger and more influential proxy advisers Glass Lewis and ISS, which also told shareholders to vote in favor of the Elliott proposal at the April 24 AGM.
“In our opinion the appointment of all nominees will improve the independence of the board and the representation of sector specific skills,” Frontis said in a report to investors.
Frontis also recommended that shareholders vote in favor of Amos Genish serving as chief executive. Genish was co-opted by the board last September following the resignation of his predecessor, but his appointment has to be approved by shareholders to continue beyond the April AGM.
Reporting by Stefano Rebaudo, writing by Agnieszka Flak