ROZZANO, Italy (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