PARIS (Reuters) – French media conglomerate Vivendi (PA:) said on Tuesday that it would look to call upon a new shareholders meeting to change the board members at Telecom Italia (MI:) and get rid of those proposed by activist fund Elliott.
Vivendi added that Telecom Italia’s decision earlier this month not to convene a shareholders meeting to choose new auditors went against the principles of proper corporate governance.
“For this reason, Vivendi has decided to write to the Board before the end of the week, to urge it to convene a Shareholders’ Meeting as soon as possible to appoint new financial auditors, revoke five current Board members from the Elliott list of ten, particularly those who were involved in these governance issues, and propose five new ones,” Vivendi said in a statement.
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