(Finance) – “It should be noted that the 2023-25 Business Planpresented to the market on February 15, 2023, results more ambitious and challenging compared to the previous 2022-24 Business Plan, also unanimously approved by the Board of Directors”. TIMresponding to one shareholder question Vivendi on the remuneration policy in view of the shareholders’ meeting of 19 April, which will be held in closed mode.
It is highlighted that the 2023 remuneration policy “supports the achievement of the guidelines defined in the company’s 2023-2025 Business Plan by promoting, through the balancing and selection of the performance parameters of the short and long-term incentive systems, the alignment of management’s interests with the objectives of creating shareholder value and sustainable success of the enterprise in a medium to long-term perspective”.
When asked by Vivendi about what are the skills that the Board believes you need in the light of the current strategic plan and the potential disposal of NetCo, the response was: “The Board of Directors, on the occasion of the co-optation of the Directors Giulio Gallazzi and Massimo Sarmi, examined the proposals formulated by the Nomination and Remuneration Committee taking account of the guidance Opinion, defined in 2021 by the Board of Directors, on the optimal qualitative and quantitative composition, of the skill matrix of the Directors and the results of the 2021 board evaluation. The Board, not having decided to submit his own candidatures to the meeting for the replacement of A. de Puyfontainedid not formulate specific indications”.
In the replies to other shareholders it emerges that “there is not at present no TIM Brasil sales process” and that the Brazilian subsidiary “contributes to the financing of its activities with its own cash generation and recourse to loans”. In particular, approximately 13 billion Reais of investments are planned for the period 2023-2025.
To a question about the type of interest Cassa Depositi e Prestiti has in the Tim Group and the fact that its role could push the Antitrust to prevent operations on the Network, TIM replies: “Given that the assessment of the merits of any operations in Network matters will depend on the structure of the operation itself, the current role of Cassa Depositi e Prestiti is not believed to be in TIM (minority stake without governance rights) could create an obstacle to operations on the Network. Of course, in the event of the acquisition of control of NetCo by CDPE/Macquarie, the Commission will assess the impact of the new structure (the current minority stake would be exceeded)”.