December 1, 2017 / 5:22 PM / 16 days ago

Glass Lewis recommends Mediaset shareholders vote against proposed governance changes

MILAN, Dec 1 (Reuters) - Proxy adviser Glass Lewis has recommended that Mediaset shareholders vote against governance change proposals made by the board of the Italian broadcaster.

Mediaset’s directors have proposed a change in the size of its board and in the way its members are appointed, in a move that could restrict French shareholder Vivendi’s influence.

Fininvest, Berlusconi’s family holding company, owns 39.5 percent of Mediaset while Vivendi holds a 28.8 percent stake.

“Given the potential for the proposed amendments to entrench Fininvest’s control of the board, regardless of the wishes and voting decisions of other shareholders, we cannot recommend that shareholders support this proposal,” Glass Lewis said in its recommendation to institutional investors.

The proposals will be voted on at an extraordinary shareholders meeting called for Dec. 15. (Reporting by Maria Pia Quaglia, writing by Silvia Aloisi; Editing by Isla Binnie)

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