April 9, 2018 / 10:08 AM / 3 months ago

Proxy adviser ISS says Vivendi "more of a liability" for Telecom Italia

MILAN, April 9 (Reuters) - Proxy adviser ISS recommended Telecom Italia investors to back the list of directors proposed by activist fund Elliott at a vote expected at an April 24 meeting, claiming top investor Vivendi was a liability for the phone group.

ISS also said Telecom Italia (TIM) shareholders should vote in favour of confirming current TIM Chief Executive Amos Genish as a board member of the former phone monopoly.

“At this point, Vivendi appears to be more of a liability than an asset for TIM ... and Vivendi’s influence has not brought about stability,” ISS said in a report. (Reporting by Stefano Rebaudo; writing by Giulia Segreti; editing by Francesca Landini)

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