Telecom Italia Board of Directors meets

06/28/2012 - 04:50 PM

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  • Transfer of Information Technology unit to SSC approved
  • Incorporation of SAIAT within Telecom Italia begun
  • Related Party transactions procedure amended
  • Long term incentives plan 2012 launched

The Telecom Italia Board of Directors, chaired today by Franco Bernabè, has approved the transfer of the Group's Information Technology unit to Shared Services Center (SSC), 100% owned company specializing in ICT services and products for the captive market. The arrangement will endow SSC with all resources necessary to deliver IT services to Telecom Italia and is part of a reorganization of the company's Information Technology activities, begun in 2010 with the transfer of IT Operations to SSC.

The Board also approved the merger by incorporation with Telecom Italia of SAIAT (Società Attività Intermedie Ausiliarie Telecomunicazioni), a 100% Group company. The merger, which contributes to a simplification of the Group's corporate structure, does not entail any changes in the capital of the merger company and will be enacted in simplified form as decided by the Telecom Italia Board of Directors under the terms and conditions of article 2505 of the Civil Code. The operation is expected to be completed within the year.

Having obtained the favourable opinion of the Internal Control and Corporate Governance Committee, the Board has also voted to modify the procedure for related party transactions, approved on 4 November 2010 pursuant to the Consob Regulation. The changes are essentially designed to make the procedure easier to understand, leaving unaltered the authorization mechanism and investigative remits. The updated text of the procedure will be published on the corporate web site at http://www.telecomitalia.com/, under the Governance section.

Finally, the Board of Directors has voted to launch the Long Term Incentive Plan 2012, approved by the Shareholders' Meeting on 15 May 2012. The plan provides long term incentives for top management and selected managers linked to the achievement of predetermined performance targets over the period 2012-2014, identical for both categories of beneficiaries.

The plan launch will be communicated pursuant to article 84-bis of the Issuer Regulations, supplementing the document published on 2 April 2012.

 

Milan, 28 June 2012