Vivendi: Telecom Italia Auditors' Report Reveals Governance Irregularities
March 11 2019 - 3:02AM
Dow Jones News
By Pietro Lombardi
Vivendi SA (VIV.FR) says it is "extremely concerned" by a report
from Telecom Italia SpA's (TIT.MI) auditors that it says confirms
the existence of serious irregularities related to the governance
of the company and its board of directors.
"This report reveals that the chairman of the TIM Board violated
corporate laws as well as the most basic, fundamental governance
rules," the French company said late Friday.
The report shows there is a "shadow board of directors,"
including only members nominated by Elliott Management Corp., as
well as "a dissemination of privileged information to third parties
prior to a board meeting," the media company said.
"These concerns reinforce Vivendi's belief that TIM shareholders
must put in place a truly independent board at the March 29
shareholders' meeting."
Vivendi is Telecom Italia's largest shareholder, with a stake of
almost 24%. It has been locked in a long-running battle for control
of the company with activist investor Elliott Management, whose
nominees form a majority on the Italian company's board.
Read more about the imbroglio surrounding Telecom Italia at
https://on.wsj.com/2TlJwWy (WSJ paywall) or https://bit.ly/2KuPhKY
(NewsPlus).
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
March 11, 2019 02:47 ET (06:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Telecom Sav (NYSE:TI.A)
Historical Stock Chart
From Oct 2024 to Nov 2024
Telecom Sav (NYSE:TI.A)
Historical Stock Chart
From Nov 2023 to Nov 2024
