TIM: ISS against Vivendi's nominees, Elliott says

(CercleFinance.com) - Proxy advisory firm ISS has recommended that Telecom Italia shareholders vote against Vivendi's proposals at TIM's upcoming AGM on 29 March, Elliott said in a statement on Tuesday.


The activist fund - which is in the middle of an arm-wrestle with the French group to take control of the Italian operator - notes that ISS has concluded that the corporate governance track record of Vivendi's controlling shareholder, French businessman Vincent Bolloré, is "far from ideal," with an history of conflicts of interest.

In a statement, Elliott reiterates its view that Vivendi's nominees are "unsupportable, lack true independence and would simply return control to a group with demonstrable and unacceptable conflicts of interest."

Vivendi answered back, disdaining Elliott's practices and "lies," saying that it has no intention to appoint anyone as chairman or CEO, and that its sole objective is a neutral board that represents "all shareholders."

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