Vivendi outlines plans to ‘restore value for Telecom Italia’

Vivendi has published a paper outlining its proposals to “restore value for Telecom Italia,” which include replacing five of the company’s 10 board directors.

Vivendi said it believes Telecom Italia shareholders should vote for the revocation of five Elliott-nominated board members and the appointment of five new independent directors at Telecom Italia’s shareholders meeting on March 29.

“The newly proposed board composition will re-establish the necessary conditions and safeguards to allow for proper company governance and deliver on promises. It will also encourage more effective and uniform action by the board,” said the company in a statement.

“Vivendi believes that only an independent board will have the credibility and trust of all shareholders to objectively implement any strategic industrial plan.”

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