Telecom Italia S.p.A.: ALL POWERS ASSIGNED TO CEO MARCO PATUANO
October 03 2013 - 2:40PM
Italian Regulatory (Text)
PRESS RELEASE
TELECOM ITALIA: ALL POWERS ASSIGNED TO CEO MARCO PATUANO
Minucci to chair the Board Meeting. Process started to designate
the new Chairman
Milan, 03 October 2013 The Board of Directors of Telecom Italia,
chaired by its Deputy Chairman, Aldo Minucci, after the resignation
of Franco Bernabè in agreement with the Board, has started the
process to designate the new Chairman of the Company. In the
meantime, as set out in the Company's Succession Plan (2012
Corporate governance and share ownership report available on
www.telecomitalia.com), the powers and organizational
responsibilities previously assigned to Mr Bernabè have been
temporarily attributed to the Managing Director and Chief Executive
Officer, Marco Patuano, while the Deputy Chairman is acting as
chairman of the Board and legal representative of Telecom Italia,
in a temporary capacity. The Board of Directors has also approved
the severance package awarded to Mr. Bernabè. In accordance with
the applicable provisions settled at the time (2012 Remuneration
Report, available on www.telecomitalia.com), he will receive the
compensation he would have been entitled to until the natural end
of his mandate (fixed salary, variable salary, benefits and other
compensation to balance the fiscal charges applicable to taxed
benefits), which will cost the Company a total of approximately 3.7
million euros. The Board of Directors, in line with the possibility
provided for in the existing contract, also resolved to enter into
a non-competition agreement for 12 months, which will cost the
Company approximately 2.9 million euros. Regarding the replacement
of Mr. Catania (who ceased to hold office on 13 September last),
the Board has coopted Professor Angelo Provasoli (whose curriculum
vitae is annexed to this release), as recommended by the Nomination
and Remuneration Committee. He qualifies as an independent
director, since he meets the requirements set out in the Corporate
Governance Code of Borsa Italiana, to which Telecom Italia adheres.
Regarding the replacement of Mr. Catania as Chairman of the Control
and Risk Committee and Chairman of the Nomination and Remuneration
Committee, the Board has appointed director Jean Paul Fitoussi as
Chairman of the latter and he will also act in a temporary capacity
as chairman of the Control and Risk Committee. Finally, the Board
of Directors approved a new version of the Group's Code of Ethics
and Conduct (being published on the Company's website
www.telecomitalia.com). The new Code is organised into four
sections: - General Principles, highlighting the role of the Code
of Ethics as the foundation of the organisational model and
internal control and risk management system of the Group;
- -
-
Values, which identifies and focuses the principal values of the
Group (Ethics and Compliance, Service Excellence, Competition,
Communication, Community, Human Resources, Health & Safety);
Behaviours, setting out the conducts required from the addressees
of the code (including the corporate bodies, the management,
employees of all Group companies and external collaborators, as
well as third parties doing business with the Group, where required
by the company procedural system); Reporting, setting out the ways
in which any irregularities or negligence in compliance with the
obligations are to be reported.
Telecom Italia Press Office
+39 06 3688 2610 http://www.telecomitalia.com/media
Telecom Italia Investor Relations
+39 02 8595 4131 http://www.telecomitalia.com/investorrelations
CURRICULUM VITAE Angelo Provasoli
Born in Milan on June 7th 1942, degree in Business Administration
granted by the Università Commerciale Luigi Bocconi. Final grade:
110 / 110 summa cum laude. In 1967 he joined the faculty of
Business Administration at the Università L. Bocconi as Assistant
Professor. In 1976 he was appointed full Professor of Business
Administration. He taught at the Università degli Studi of Catania
and at the Università degli Studi of Bergamo. Since 1983 he has
been full Professor of Accounting at the Università L. Bocconi,
Milan. He is Professor Emeritus at Università L. Bocconi. He has
been Rector of Università L. Bocconi from 2004 to 2008. He is
currently Chairman of the Board of Directors of RCS Media Group,
Member of the Board of Directors of Bracco S.p.A. and Chairman of
the Board of Statutory Auditors of Cassa Depositi e Prestiti and of
Fondo Strategico Italiano. He has been President of the Board of
Statutory Auditors of Bank of Italy, member of the Supervisory
Board of EFRAG and Chairman of the Executive Committee of OIC
Organismo Italiano di Contabilità -, the Italian Accounting
Standard Setter. He is Certified Public Accountant and member of
the Italian Business Administration Society. He has been awarded
with the Gold Medal of the City of Milan and with the Order of
Merit of the Italian Republic. He is author of several publications
on accounting and business administration.
Milan, 30 September 2013 Angelo Provasoli
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