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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
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  "notes": "The slide uses voting tables to demonstrate that Vivendi's 20% stake was the deciding factor in passing motions that other investors opposed.",
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      "text": "Vivendi opportunistically used the 19 member cap in TIM's by-laws to allow its executives onto the Board, although a majority of other investors voted against this as well as objecting to using TIM's funds to pay for compensation for these additional directors",
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      "text": "Vivendi opportunistically used the 19 member cap in TIM’s by-laws to allow its executives onto the Board, although a majority of other investors voted against this as well as objecting to using TIM’s funds to pay for compensation for these additional directors",
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      "text": "Vivendi also tried to waive non-competition for its directors but the motion was denied as votes failed to reach 50% threshold",
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      "text": "At the 2015 AGM TIM’s Board was increased to 17 members from 13 in order to allow Vivendi’s representatives to join. Corporate Governance best practice limits a board size to 15, and several proxy advisors were against this change.",
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      "text": "voting percentage: 52.9%",
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      "text": "Source: TIM Dec-2015 AGM minutes",
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