TELECOM ITALIA SHAREHOLDERS' MEETING HELD
2007 FINANCIAL STATEMENTS APPROVED
BOARD OF DIRECTORS APPOINTED FROM 2008 TO 2010
STOCK OPTION PLAN APPROVED FOR SENIOR EXECUTIVE MANAGEMENT
AMENDMENTS TO ARTICLES OF ASSOCIATION APPROVED
Rozzano (Milan), April 14, 2008
The Telecom Italia Shareholders' Meeting was held today in ordinary and extraordinary session, chaired by Gabriele Galateri di Genola.
In ordinary session, the Shareholders’ Meeting:
- Approved Telecom Italia S.p.A.’s Financial Statements for the 2007 financial year, and resolved to distribute a €0.080 dividend for each ordinary share and €0.091 dividend for each savings share. The dividend will be paid out from April 24, 2008, and go ex-coupon on April 21, 2008;
- Appointed a new Board of Directors. The fifteen Board directors shall stay in office for three financial years, until the approval of the FY 2010 accounts.
In accordance with the articles of association, on the basis of lists presented respectively by Telco, the Findim Group and Arca SGR (this latter list presented jointly with other shareholders), the following company directors have been appointed:
Tarak Ben Ammar
Elio Catania (independent)
Jean Paul Fitoussi (independent)
Julio Linares Lopez
Paolo Baratta (independent)
Roland Berger (independent)
Arca SGR list
Luigi Zingales (independent)
CVs/Résumés for these directors are available for consultation on the company website.
- Approved a stock option plan for Gabriele Galateri di Genola and Franco Bernabè, conditional upon their positions being confirmed as Chairman and CEO following the renewal of the Board of Directors. The three-year plan calls for allocation of an option for the purchase of ordinary shares in the company – 8,400,000 for the CEO and 3,000,000 for the Chairman, respectively – at a price not lower than €1.95 per share. In service of this Plan – to be implemented by the Board of Directors – authorization has been issued to buy back and hold a maximum of 11,400,000 ordinary shares.
In extraordinary session, the Telecom Italia Shareholders' Meeting adopted a series of amendments to the company's articles of association that bring the document into line with applicable law and enhance the effectiveness of operations undertaken by company organs.
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Board member posts appointed by the Shareholders’ Meeting shall be defined at a special meeting convened for April 15, 2008.