Proxy adviser ISS says Vivendi 'more of a liability' for Telecom Italia
MILAN (Reuters) - Proxy adviser ISS recommended Telecom Italia <TLIT.MI> investors to back the list of directors proposed by activist fund Elliott at a vote expected at an April 24 meeting, claiming top investor Vivendi was a liability for the phone group.
ISS also said Telecom Italia (TIM) shareholders should vote in favor of confirming current TIM Chief Executive Amos Genish as a board member of the former phone monopoly.
"At this point, Vivendi appears to be more of a liability than an asset for TIM ... and Vivendi's influence has not brought about stability," ISS said in a report.
(Reporting by Stefano Rebaudo; writing by Giulia Segreti; editing by Francesca Landini)