MILAN (Reuters) – Shareholders of Telecom Italia (TIM) on Thursday rejected the group’s compensation policy after criticism earlier this month from major investor Vivendi over the criteria for awarding bonuses to chief executive Pietro Labriola.
This vote, at the annual general meeting of TIM, should further weaken the position of the leader faced with the difficult sale of the fixed network activities, crucial to reduce the heavy indebtedness of the telecommunications operator.
TIM received improved offers on Tuesday from US investment fund KKR and Italy’s Caisse des Depots (CDP), which its board will consider on May 4.
But according to sources, these offers remain despite everything much lower than the valuation claimed by Vivendi, which with 24% of the capital of TIM, is the largest shareholder.
The shareholders approved the group’s financial statements in the GA but rejected the remuneration policy for the period 2023-2025.
They also rejected the compensation granted in 2022, for which their vote was however not binding.
Vivendi, which is no longer on TIM’s board, last month urged the group’s directors to only consider offers that correctly value the fixed network and to submit any decision to a qualified shareholder vote, according to reports. sources familiar with the matter.
(Report Elvira Pollina; written by Valentina Za, Blandine Hénault for the , edited by Tangi Salaün)
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