Vivendi has Decided to Abstain From Voting on Telecom Italia’s Board of Directors Renewal at the April 23, 2024 AGM
April 22 2024 - 11:35AM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) wishes to reiterate that it has been a
supportive shareholder of Telecom Italia (TIM) since May 2015.
Following the arrival of the Elliott fund at the 2018 TIM
shareholders’ meeting, Vivendi lost influence over TIM which has
suffered from the failure of Elliott’s plan. In addition, following
the resignation of its two representatives from TIM’s Board of
Directors, Vivendi ceased to account for its interest in TIM under
the equity method, as of December 31, 2022.
As a financial investor, Vivendi’s preoccupation is that TIM’s
Board and management deliver a durable growth of the stock price
through sound business decisions in the company’s interest,
respectful of shareholders’ prerogatives and good governance
principles.
As a consequence, Vivendi does not support the slate put forward
by the outgoing Board, given its continuity with a Board during
whose tenure the stock price lost half of its value and which is
responsible for approving the sale of TIM’s fixed network in
November 2023 at a price which, according to Vivendi, doesn’t
reflect the intrinsic value of this asset, without involving the
shareholders’ meeting and the related parties’ committee and
without providing, to this date, complete and reliable information
to the market on the transaction and its effect on TIM’s
sustainability.
Vivendi does not wish to be associated with decisions concerning
Board appointments, as it considers that it is incumbent on the
ongoing management and its supporters to sort out the delicate
situation in which TIM finds itself. Accordingly, Vivendi has
decided to abstain from voting on the Board renewal at the April
2024 AGM, despite the laudable efforts of the proponents of
alternative majority Board slates.
Consistently with its overall position, Vivendi will vigorously
pursue its appeal against the November 2023 Board resolution before
the court of Milan and any other legal means at its disposal to
protect its rights.
About Vivendi Since 2014, Vivendi has been building a
world-class content, media and communications group. Canal+ Group
is a major player in the creation and distribution of cinema and
audiovisual content on all continents. With Lagardère, Vivendi is
the world’s third-largest book publisher for the general public and
educational markets, and a leading global player in travel retail.
Havas is one of the largest global communications groups with a
presence in more than 100 countries. Vivendi is also active in the
magazine business (Prisma Media), video games (Gameloft) and live
entertainment and ticketing (Vivendi Village). It also owns a
global digital content distribution platform (Dailymotion) and a
subsidiary dedicated to providing very high-speed Internet access
in Africa (GVA). Vivendi’s various activities work closely together
as an integrated group committed to transforming its businesses to
meet the expectations of the public and anticipate constant
changes. As a committed group, Vivendi contributes to building more
open, inclusive, and responsible societies by supporting diverse
and inventive creative works, promoting broader access to culture,
education, and its industries, and increasing awareness of 21st
century challenges and opportunities. www.vivendi.com.
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