Telecom Italia proposes to trim power of majority slate in board vote

Reuters News
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Posted: Mar 19, 2015 3:25 PM

MILAN (Reuters) - Telecom Italia on Thursday proposed to change some of its bylaws that would reduce the appointment power of the majority slate in a board election.

In a statement, the Italian phone group proposed that whichever slate wins more votes at a shareholder meeting will appoint two-thirds of its board instead of the current four-fifths.

Telecom Italia's board has for years been dominated by holding company Telco in a set up that has made it difficult for minority investors to be properly represented.

The proposed change in bylaws comes as Telco is in the process of being dismantled and French media group Vivendi is likely to become Telecom Italia's largest single shareholder.

(Reporting by Agnieszka Flak; editing by Francesca Landini)