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REFILE-Bollore tightens grip on Vivendi's supervisory board
March 7, 2017 / 3:57 PM / 6 months ago

REFILE-Bollore tightens grip on Vivendi's supervisory board

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PARIS, March 7 (Reuters) - French media giant Vivendi said on Tuesday it would cut the number of its supervisory board members from 14 to 12, effectively increasing the grip of chairman Vincent Bollore on the group.

Independent board members Yseulys Costes, Pascal Cagni and Alexandre de Juniac decided not to renew their four-year term in April, Vivendi said in a statement.

A spokeswoman said two of them would not be replaced. This would cut the number of independent board members from 9 to 6.

Vivendi’s employee shareholders, who hold a 3.27 percent stake in the company, elected Sandrine Le Bihan, to be their representative at the supervisory board, replacing one of the board headcounts.

All these decisions depend on formal approval at an annual shareholders’ meeting due on April 25

Bollore, who became chairman in 2014, is Vivendi’s biggest shareholder with a 20.65 stake according to Reuters data. Two other board members represent Bollore’s interests, including his son Yannick, who leads the advertising group Havas.

Reporting by Mathieu Rosemain and Gwenaelle Barzic

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