Norges Bank to support Telecom Italia CEO Labriola in board renewal vote

Telecom Italia shareholder Norges Bank plans to back another mandate for the phone group’s Chief Executive Pietro Labriola in a vote to renew the board on April 23, it said on Thursday.

A document on the Norwegian sovereign wealth fund’s website showed it would support the slate of candidates put forward by the outgoing TIM board at the company’s annual general meeting next week.

Activist investor fund Bluebell, as well as fellow minority shareholder Merlyn, have presented rival slates of candidates, as current CEO Labriola seeks a second term.

Norges Bank is TIM’s third largest shareholder with a 3.6% stake, according to LSEG data, after French group Vivendi VIV.PA with 23.7% and Italian state lender CDP with 9.8%. Reuters