Telecom Italy: Assembly rejects conversion actions resp but Board approves expansion – Reuters

Telecom Italy: Assembly rejects conversion actions resp but approves extension CDA

          

The Ordinary and Extraordinary Shareholders’ Meeting of Telecom Italy met under the chairmanship of Giuseppe Recchi. The Assembly saw the participation of 55.67% of the ordinary share capital of the Company. In an extraordinary session, the Assembly approved the proposed conversion of savings shares into ordinary shares in the following percentages of votes:
– 62.5% of the capital represented at the meeting voted in favor of the transaction;
– 1.5% of the share capital represented at the meeting voted against the transaction;
– 36.1% of the capital represented at the meeting abstained.
To be approved the resolution needed the vote of two thirds of the capital represented. In the ordinary session, the Assembly:
– approved the proposal of the shareholder Vivendi SA to expand the Board of Directors of Telecom Italy from 13 to 17 members;
– approved the appointment of four new directors as per the list submitted by the shareholder Vivendi SA: Arnaud de Puyfontaine Roy, Stéphane Roussel, Herve Philippe and Felicite Herzog; the new members will remain in office until the expiry of the mandate of the current Board
– approved to increase until the expiry of the mandate of the total annual remuneration of the Board of Directors in proportion to the number of Directors appointed The Assembly ultimately not It has approved the release of newly appointed by the competition prohibition pursuant to art. 2390 cc. Its proposal was less than half (49.7%) of the votes in favor. The Assembly was closed at 17.40.
Following the rejection of the mandatory part of the conversion of savings shares, it is no longer an object of the resolution submitted to the Special Savings Shareholders’ Meeting of the Company, already called for the day December 17, 2015.

(RV)