Telecom Italia Media: Board of Directors Meeting

12/13/2012 - 04:30 PM

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Telecom Italia Media’s Board of Directors, which met today chaired by Severino Salvemini, acknowledged that, effective today, Giovanni Stella will be leaving the position of Chairman of La7 S.r.l. and director of TI Media S.p.A., at the end of a process which enhanced the quality of the television network.

After having led La7 through its recovery path, supporting the shareholder Telecom Italia in the disposal process, Giovanni Stella regarded his mission as complete and tendered his resignation. The Company’s Board of Directors expressed its heartfelt gratitude to Mr. Stella for his valuable work at the TI Media Group.

The Board of Directors agreed that the current management team can continue to carry out the management plan of the company in line with the new needs of the television industry and has proposed to appoint professor Severino Salvemini as Chairman of La7 Srl, and Marco Ghigliani as CEO.

During the meeting, the Board Committee submitted a report to the Board of Directors, providing an update on the disposal process currently underway, in line with Telecom Italia’s press release dated 6 December 2012. 

Moreover, the Board, on the basis of the first evidences of consolidated financial results up to November, that confirm the negative trend in operational terms and debt as already highlighted in September, has authorized the management to develop a plan aimed at improving the economic and financial situation, even through a cost containment program.

Corporate Governance topics

 Whilst adapting its internal rules to the code of conduct adopted by the Corporate Governance Board of Borsa Italiana, the Board of Directors has repealed the internal code of the Company, believing that the evolution of primary and secondary sources as well as of the code of conduct had made it to all intents and purposes obsolete.  In reaffirming Telecom Italia Media’s compliance with Borsa Italiana’s Code of Corporate Governance, released in December 2011, the Board of Directors has approved some Principles of Conduct which depart from and/or complement the framework of rules applicable to the tasks and operation of corporate bodies, whilst referring, for any other matter or issue, to principles and criteria of Borsa Italiana’s Code of Corporate Governance.

The Principles of Conduct are about to be posted on the corporate web site, www.telecomitaliamedia.it under the Governance section.

Calendar 2013

The calendar of meetings on Telecom Italia Media S.p.A. financial reports for the year 2013 is detailed below:

  • 5 February: Board of Directors meeting to examine Group’s preliminary results at 31 December 2012;
  • 4 March: Board of Directors meeting to approve the consolidated financial statements at 31 December 2012;
  • 5 April: General Shareholders’ meeting to approve the financial statements at 31 December 2012;
  • 6 May: Board of Directors meeting to approve the interim report on operations at 31 March 2013;
  • 30 July: Board of Directors meeting to approve the first half 2013  financial report;
  • 5 November: Board of Directors meeting to approve the interim report on operations at 30 September 2013

The results shall be presented to the financial community through conference calls to be held after each meeting of the Board of Directors.

Any changes to the above dates will be promptly notified.

 

Rome, 13 December 2012