Telecom Italia rings in the changes

19 Apr 2004

According to the Financial Times, Telecom Italia (TI) is to install a new ground-breaking management regime under which for the first time the majority of its directors will be independent. The arrangement, if approved by TI shareholders, bucks the current European trend of giving board control to a core group of minority shareholders. TI chairman and main shareholder, Marco Tronchetti Provera, will present a list of 19 directors, including ten independents, at the group’s AGM on 6 May. The chairman has been under increasing pressure from institutional investors who want to give more voice to independent directors following the company’s takeover in the summer of 2001.