MILAN, March 31 Proxy advisor Glass Lewis has
recommended that Telecom Italia investors vote in
favour of Giuseppe Recchi as chairman of the board when
shareholders meet on April 16, it said in a document seen by
Telecom Italia's largest investor Telco said earlier this
month it had proposed Recchi as chairman of Italy's largest
Recchi is a former executive at General Electric and
is currently chairman of Italian state-owned oil group Eni
Telco is owned by Spain's Telefonica, Italian
insurer Generali and two banks, Intesa Sanpaolo
and Mediobanca, and owns 22.4 percent of
Some Telecom Italia minority investors led by Marco Fossati
are seeking greater representation on the company's board, which
they say is too influenced by Telefonica.
Fossati, Telecom's second-largest shareholder, has proposed
as chairman Vito Gamberale, the head of infrastructure fund F2i
and main shareholder of fibre optic group Metroweb.
Glass Lewis said Gamberale could have a potential conflict
of interest if appointed chairman of Telecom Italia.
Glass Lewis also said it recommended shareholders vote for
the slate of directors proposed by asset management association
Assogestioni at the April meeting.
(Reporting by Stefano Rebaudo, writing by Stephen Jewkes,
editing by David Evans)