The Board of Directors of TIM met today for the first time since the renewal of its membership decided on by the Shareholders' Meeting, appointing Fulvio Conti as Chairman and Amos Genish as Chief Executive Officer of the Company.
The new power structure was defined with a unanimous decision (with only those being appointed having abstained):
- the Chairman was assigned those powers laid down by law, the Bylaws and corporate governance documents;
- the Chief Executive Officer, in summary, was assigned all the powers necessary to accomplish acts pertinent to the company's activities, except those powers reserved by law, Bylaws to the Board of Directors, with particular reference to the limits outlined at point 4.3 of the corporate governance documents currently adopted by the Company, and to the organisation on Security;
- the Head of Security, Stefano Grassi, was given the temporary assignment, as Director responsible for Security, of managing all the assets and activities of TIM deemed strategic for national security and defence or in relation to which security clearance or Italian citizenship are required.
The appointment of the Director responsible for Security is temporary, while waiting to start discussions with the Coordination Committee at the Presidency of the Council of Ministers in view of the definition of the “final” structure of this matter.
The Chair of the Board of Directors, Fulvio Conti, stated: “I am honoured by the trust that all the Board of Directors at TIM have shown by appointing me Group Chairman. Today, we have confirmed our full confidence in Amos Genish and his management team that we will support in the implementation of the 2018-2020 Strategic Plan. My long-term commitment to TIM, along with Amos’ one and his considerable industry experience, aims at further strengthening the Group and creating value for all our stakeholders”.
The Chief Executive Officer, Amos Genish, stated: “I would like to thank the new Board of Directors at TIM for entrusting me with the leadership of the Company as CEO. I confirm my long-term commitment to the transformation of the Group, which aims to reaffirm TIM’s position as an international best in class business. We are on the right track and have a great management team. The complete support of the new Board enables us to continue implementing the DigiTIM strategy, which is already bearing fruit and delivering the value TIM is capable of creating”.
The Board of Directors also ascertained that the following directors meet the independence requirements: Alfredo Altavilla, Massimo Ferrari, Paola Giannotti de Ponti, Luigi Gubitosi, Paola Bonomo, Maria Elena Cappello, Lucia Morselli, Dante Roscini, Rocco Sabelli, Marella Moretti, Michele Valensise and Giuseppina Capaldo. In light of the attributions and role conferred on the Chair, the Board of Directors has also decided to confirm Fulvio Conti’s status as an independent director.
Finally, Chief Financial Officer, Piergiorgio Peluso was confirmed as the Executive responsible for preparing the corporate accounting documents of TIM, and General Counsel Agostino Nuzzolo also confirmed as Secretary of the Board of Directors.
Further decisions on the governance structure (including the establishment of the internal committees) were postponed to the upcoming meetings.
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The curricula vitae of the Directors are available on the Company website www.telecomitalia.com, “Investors” section.
Rome, 7 May 2018