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Telecom Italia supports Patuano's plan for independent board
2014-02-28 09:08:00| Telecompaper Headlines
(Telecompaper) Telecom Italia's directors unanimously approved proposals submitted by CEO Marco Patuano to safeguard the interests of minority shareholders when the board comes up for renewal on 16 April. The proposals include cutting the current 15-member board to either 11 or 13 and allowing shareholders who own a voting stake of at least 0.5 percent to present board candidates. The company added in a statement that, under the new guidelines, the new board would have to have a clear majority of directors who are independent from the holding Telco SpA, the largest shareholder in Telecom Italia with a 22.4 percent stake. Telco is controlled by Telefonica and currently has the power to appoint a majority of the board members. Italy's market regulator Consob has raised concerns in recent months that some of the members not appointed by Telco have ties to it. Telefonica CEO Cesar Alierta and another former Telefonica executive stepped down from Telecom Italia's board in December to avoid perceived conflicts of interest in Brazil, where the two operators compete.
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Category:Telecommunications