March 29, 2019 / 4:14 PM / 6 months ago

Telecom Italia's board has three-year mandate, remains as is - CEO

ROZZANO, Italy, March 29 (Reuters) - Telecom Italia’s board was elected last year for a three-year mandate and will remain as is, CEO Luigi Gubitosi said on Friday when asked whether top shareholder Vivendi’s request for a more balanced make-up would be accommodated.

Vivendi, which owns 24 percent of Telecom Italia’s shares, earlier on Friday dropped its request for a board reshuffle but added it hoped for a board that was “more reflective of the company shareholder base”.

Activist fund Elliott, which is the phone group’s third largest investor, controls two-thirds of available board seats, while Italian state lender CDP, which recently raised its stake to become the second-biggest investor, has no representation on the board.

Vivendi declined to comment on Gubitosi’s remarks. (Reporting by Elvira Pollina, writing by Agnieszka Flak, editing by Valentina Za)

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