Telecom Italia's Fossati asks for governance changes
MILAN Jan 15 (Reuters) - Telecom Italia's rebel shareholder Marco Fossati has asked for a change to the Italian phone group's by-laws to give minority investors greater board representation, a document showed on Wednesday.
In a letter sent to Telecom Italia's board, Fossati's Findim Group, which owns 5 percent of the company, asked for a proportional voting system to be introduced.
According to rules currently in place, the slate of board member candidates which gets majority backing has the right to appoint four-fifths of the board members.
(Reporting by Stefano Rebaudo, writing by Agnieszka Flak, editing by Stephen Jewkes)
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote on union with Russia as troops build up rapidly |
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Indian Ocean poses daunting challenge in search for missing Malaysia plane