Telecom Italia Board of Directors meets

06/13/2007 - 04:04 PM

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2006 FORM 20-F APPROVED

PLAN FOR MERGER BY INCORPORATION OF PROGETTO ITALIA S.p.A. INTO TELECOM ITALIA S.p.A. APPROVED

TELECOM ITALIA INCLUDED IN NEW “FTSE4GOOD” INDEX FOR ENVIRONMENTAL INVESTMENT

The Board of Directors of Telecom Italia, chaired by Pasquale Pistorio, met today and approved the Annual Report for the year 2006 (Form 20-F). The document is prepared each year in accordance with U.S. regulations, as Telecom Italia is registered with the US Securities and Exchange Commission (SEC) and its shares are listed, in the form of American Depositary Receipts, on the New York stock exchange.

The Form 20-F is based on the accounts information contained in the consolidated results already published in March (prepared according to IFRS accounting standards) and, in substance, translates into a so-called reconciliation of results and balance sheet data with US General Accepted Accounting Principles.

The Board of Directors also approved the plan for the merger by incorporation into Telecom Italia of Progetto Italia S.p.A., a 100% controlled company, to rationalize and simplify the Group’s activities in the area of image enhancement and give Telecom Italia greater direct visibility.

As called for in their respective company bylaws, the merger (which will not involve a capital increase by the incorporating company) will be decided upon by the two companies’ administrative bodies, in accordance with the terms and conditions indicated in article 2505 of the civil code. The operation should be finalized by the end of the year.

To conclude, Telecom Italia has been included in the FTSE4Good Environmental Leaders Europe 40 Index, a new index of the FTSE4Good family, the share indices for sustainable investment created in 2001 by the Financial Times and the London Stock Exchange.  This index includes European companies present in the FTSE4Good Index series that have achieved the best results in the environmental field. The companies chosen must have substantial environmental policies and management systems, be transparent and publish their environmental data.
This is further evidence of the Telecom Italia Group’s commitment to sustainability. Telecom Italia is also member of the Dow Jones Sustainability World Indexes (DJSI World) and Dow Jones STOXX Sustainability Indexes (DJSI STOXX), in the ESI “pioneer” and “excellence” indices (Ethibel Sustainability Index), in the ASPI index (Advanced Sustainable Performance Index), and in the E. Capital Partners Axia indices (“Euro Ethical” and “Euro CSR”).
Telecom Italia is also placed among the 100 best companies in the world for the quality of their sustainability reporting in “The Global Reporters 2006 Survey” conducted by the specialized agency SustainAbility in cooperation with UNEP (United Nations Environmental Program) and the ratings agency Standard & Poor’s.