Edition:
India

Vivendi Calls For Independent Board After Telecom Italia Audit Report


Monday, 11 Mar 2019 

March 11 (Reuters) - VIVENDI SA ::SAID ON FRIDAY IT IS EXTREMELY CONCERNED ABOUT THE OUTCOME OF THE TELECOM ITALIA <<>> STATUTORY AUDITORS REPORT CONFIRMING SERIOUS IRREGULARITIES TO GOVERNANCE OF COMPANY .REPORT REVEALS CHAIRMAN OF TIM BOARD VIOLATED CORPORATE LAWS AS WELL AS BASIC GOVERNANCE RULES .REPORT CONFIRMS EXISTENCE OF A "SHADOW BOARD OF DIRECTORS" COMPRISED OF ONLY ELLIOTT-NOMINATED BOARD MEMBERS.REPORT SAYS "SHADOW BOARD OF DIRECTORS" WAS ASSISTED FOR THE OCCASION BY LEGAL ADVISORS HAVING PREVIOUS ADVISED ELLIOTT.CO SAYS THE FACTS DESCRIBED IN THE REPORT SHOW A DISSEMINATION OF PRIVILEGED INFORMATION TO THIRD PARTIES PRIOR TO A BOARD MEETING.CO CONFIRMS BELIEF THAT TIM SHAREHOLDERS MUST PUT IN PLACE A TRULY INDEPENDENT BOARD AT MARCH 29 MEETING. 

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