(Finance) – Il board of directors Of TIM has unanimously decided to avail itself of the faculty, pursuant to the statute and in accordance with best practice, of present its own list that aims to be a majority in the assembly that will renew the council body (with the approval of the budget as of 31 December 2023). The decision, we read in a note, was taken “in consideration of the need to give continuity to the actions underway in a very delicate and unique passage of change in the corporate reality”.
The Board of Directors also deems it appropriate reduction in the number of its members compared to the current one of fifteen directors, consistently with the long-term trend in comparable companies, with the current practice in various large listed companies and with the opportunity to contain the out-of-pocket costs of corporate governance. In particular, in consideration of the prospective evolution of the company’s activity and its business perimeter following the execution of the delayering plan, the appointment of
a piece of advice from nine members.
To prepare the list, the council decided to adopt a specific procedure, in line with the guidelines expressed by the Supervisory Authority and with best practices. The process will pass through an initial phase of survey of the shareholders and market representatives, having exclusively as its object the qualitative-quantitative profiles of the composition of the board, in line with the engagement policy, to proceed, initially, with the definition of these profiles and the drafting of an initial and extensive list of possible candidates and, finally, of a short-list, with the technical support of an executive search consultant.
The coordination of activities was entrusted to president Salvatore Rossias an independent and super partes figure and who has already communicated that he does not wish to stand again.