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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
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  "notes": "The slide uses a bar chart to illustrate a ~6x incentive discrepancy, framing Bolloré's actions as a governance risk.",
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      "kind": "callout",
      "text": "Under Vivendi's control, the incentives would not be aligned between Bolloré and TIM shareholders",
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      "text": "Value of $1 of Profit to Bolloré at TIM vs. Vivendi",
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      "text": "Value of $1 of Profit: ~6x",
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      "text": "Bolloré has a track record of using minority holdings to pursue control and profit goals... The changes at Telecom didn't just represent a governance concern for other shareholders.",
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      "text": "\"Bolloré has a track record of using minority holdings to pursue control and profit goals, as demonstrated across Bouygues, Aegis and more recently, Vivendi itself.\" — Glass Lewis, May 25, 2018",
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      "text": "Source: Bloomberg, Vivendi annual report. Calculated using Vivendi economic stake of 18% in TIM... and Bolloré Group economic stake of 27% in Vivendi...",
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      "text": "For Bolloré, simple maths shows how value creation at TIM is a low priority",
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      "text": "Bolloré's Incentives: Vivendi Trumps TIM",
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