Tim, the procedures for the renewal of the board begin with the unknown Vivendi
The process of renewing Tim's governance is about to begin. Given the tensions between the board of directors and the Vivendi front, it is easy to imagine a resumption of hostilities after the approval, with eleven votes in favor and three against, of the resolution on the sale of the network to KKR. This is what was reported by Il Messaggero. During the council meeting on Thursday 18th, the regulation for the approval of the council's list will be approved administration.
The chances that, after 2021, the council list will finally see the light are 50%. President Salvatore Rossi, usually active in the organization of this list, he has long declared that he is no longer available for a new mandate, although he may still consider a certain degree of involvement. On the other hand, the CEO Pietro Labriola has shown himself in favor of being reconfirmed and seems to want to make use of consultants for the power of attorney. It should be noted that the board of directors list must receive theapproval of the independent directors, who are nine, excluding those of Assogestioni.
Labriola would have consulted Georgeson and Glass Lewis, while ISS usually collaborates with the Shareholders' Association. A critical point is represented by shareholder engagement, since at least a 30% stake, made up of Vivendi (23.8%), the BDL fund (2.5%) and some similar funds, which already in April 2023 have rejected the remuneration policy of top management, he opposes. Consequently, Labriola will have to seek support from CDP and among the numerous funds present in the shareholder structure that support the current management and its strategy. It will be a delicate balance. In the event of a conflict between the list of the board of directors and that of Vivendi, Assogestioni could pay the consequences.
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