Italy's golden power committee won't meet with Telecom Italia

The move was widely seen as a bid to rein in the influence of top shareholder Vivendi

Reuters May 08, 2018
Telecom Italia tower is seen at the headquarter in Rozzano neighbourhood of Milan, Italy, May 25, 2016. PHOTO: REUTERS

ROME: The Italian government committee responsible for the use of golden powers at companies will not meet with any representatives from Telecom Italia on Monday, as reported by daily Corriere della Sera, a government source said.

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The paper said Fulvio Conti, who is part of the phone group’s new board and is seen as a front-runner to be appointed chairman later on Monday, was due to meet with the committee to discuss a pending decision over whom on the board should be given the powers related to national security.

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Italy last year used the so-called ‘golden powers’ to have a say in some strategic decisions at Italy’s biggest phone group, a move widely seen as a bid to rein in the influence of top shareholder Vivendi.

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