MILAN, March 13 (Reuters) - Proxy adviser Glass Lewis said on Wednesday Telecom Italia’s shareholders should reject a proposal by top investor Vivendi’s to replace five board members at a March 29 shareholder meeting.
Vivendi is seeking the removal of TIM Chairman Fulvio Conti and four other board members - Alfredo Altavilla, Massimo Ferrari, Dante Roscini and Paola Giannotti de Ponti - citing a “substantial lack of independence and disrespect for the most basic and fundamental corporate governance rules”.
“In our view, Vivendi has compiled a markedly incomplete case for change, with arguments that rely much more heavily on specious allegation, partial disclosure and self-exculpatory perspectives than objective fact,” Glass Lewis said in a report.
Glass Lewis is the third proxy adviser to recommend that TIM’s shareholders vote against Vivendi’s proposals.
Reporting by Elvira Pollina, editing by Silvia Aloisi