April 8, 2018 / 8:46 AM / 17 days ago

Proxy adviser Glass Lewis tells Telecom Italia investors to back Elliott's proposals

MILAN, April 8 (Reuters) - Proxy adviser Glass Lewis has recommended Telecom Italia (TIM) investors back a proposal by activist fund Elliott to replace six board members and shake up the way top shareholder Vivendi runs the phone group, a document showed.

Elliott, which wants to improve governance and performance at TIM, has built a potential holding of 5.7 percent in the company. Last month, it called for six Vivendi-nominated board members, including TIM Chairman and Vivendi CEO Arnaud de Puyfontaine, to be replaced through a vote on April 24.

Glass Lewis also recommended that shareholders vote in favour of Amos Genish serving as the phone group’s chief executive for the next two years.

Genish was co-opted by the board last September following the resignation of his predecessor, but his appointment has to be approved by shareholders to continue beyond the April AGM. (Reporting by Stefano Rebaudo, writing by Agnieszka Flak, editing by Larry King)

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