MILAN, March 21 (Reuters) - Activist fund Elliott Advisors holds a 3.75 percent equity stake in Telecom Italia (TIM) and an additional 1.99 percent holding through derivative contracts, a filing with Italian market watchdog Consob showed on Wednesday.
Elliott wants to improve governance and performance at TIM by shaking up the way top shareholder Vivendi is running the Italian telecoms incumbent.
Calling for a “truly independent” board, Elliott has proposed removing some the directors nominated by Vivendi, including TIM Chairman and Vivendi CEO Arnaud de Puyfontaine.
Following its request, shareholders will vote on the matter on April 24. (Reporting by Maria Pia Quaglia; editing by Francesca Landini)