Lontani dai tempi dell’amministrazione Tronchetti Provera, la Tim ora è una public company, una società quotata in borsa con azionariato diffuso, tanto che esiste solo un azionista di riferimento, Vivendi con una quota inferiore al 30%. Essa è dotata di un sistema tradizione di governance con Consiglio di Amministrazione e Collegio Sindacale; mentre i sistemi alternativi di governance ammessi dal Codice Civile sono il dualistico (di stampo tedesco, ha un consiglio di sorveglianza e un consiglio di gestione) e il monistico (di stampo anglosassone, presenta solo il consiglio di amministrazione con al suo interno un comitato per il controllo sulla gestione). L’elezione del consiglio di amministrazione è di fondamentale importanza per la vita dell’azienda.

I protagonisti della vicenda:
TIM
E’ la più grande società di telefonia mobile e fissa italiana, possiede 30,7 mln di linee mobili e 11 mln di connessioni fisse di cui rispettivamente oltre 12,9 mln e 7,6 mln a banda larga e ultra larga. Al 31 dicembre 2017 aveva investimenti industriali per 5,7 mld €, ricavi per 19,8 mld €, un EBITDA (ovvero un margine operativo lordo) per 8,7 mld € e un indebitamento finanziario netto per 25, 3 mld € (fonte: il sito Telecom Italia). E’ dotata di un modello tradizionale di amministrazione e controllo che prevede un collegio sindacale e consiglio di amministrazione eletto dall’assemblea degli azionisti, al cui interno si articolano il comitato strategico, il comitato per il controllo e i rischi e infine un comitato “Nomine e Remunerazione”. Attualmente l’azionista di riferimento è la società francese Vivendi con una partecipazione di maggioranza relativa pari al 23,94% (dato al 05.10.2017), il quale ha candidato 9 amministratori su 14 eletti e di cui 5 risultano essere indipendenti.
Vivendi
E’ una società per azioni francese, specializzata nel settore dei media e delle telecomunicazioni, è l’azionista di riferimento di Tim e Mediaset (con una partecipazione pari al 28,8% del capitale). Fondata nel 1853 da Napoleone III con il nome di “Compagnie Générale des Eaux” (in questo avrebbe un passato simile a quello della Telecom nata dalla Società Idroelettrica Piemontese), nel 1998 assume il nome attuale e dà al via ad una serie di acquisizioni e di joint venture a fortune alterne. Prima della vicenda Tim è stata protagonsita delle cronache finanziarie per la scalata al gruppo Mediaset alla fine del 2016, finita con l’accusa di aggiotaggio per Vincent Bolloré, presidente del consiglio di sorveglianza di Vivendi.
Elliott Management Corporation
Fondata nel gennaio del 1977 da Paul Singer (attuale amministratore delegato) partendo dagli investimenti di amici e familiari, è la più grande società di investimenti del mondo ed è specializzata nell’acquisto e nella gestione di titoli “spazzatura”, per questo motivo è stato spesso nominata “fondo avvoltoio”. Attualmente possiede una quota pari al 5,7% del capitale di Tim.
Cosa è successo?
Elliott ha chiesto la decadenza di 6 consiglieri in quota Vivendi per sostituirli con altri 6 di sua fiducia. I consiglieri di Vivendi hanno reagito dando le dimissioni in blocco facendo decadere l’intero CdA e convocando una nuova assemblea il 4 maggio (era stata indetta precedentemente per il 24 aprile) provocando lo sgomento da parte dell’investitore americano e dell’associazione dei piccoli azionisti Tim “Asati”, la quale potrebbe seguire l’idea di Elliott di presentare un esposto alla Consob dopo la pesante cesura verbale, secondo quanto riportato dall’agenzia di stampa Radiocor. A questo punto il rischio per Elliott sarebbe quello di non riuscire nella strategia di inserire propri consiglieri di fiducia se non compattasse il fronte della minoranza composto essenzialmente dai fondi di Assogestioni. Tuttavia la grande società di investimenti americana aveva annunciato che la sua mossa non era finalizzata a prendere il controllo di Tim ma solo ad ottenerne un cambio di strategia aziendale, tanto che ha creato la pagina Web “
Trasforming Tim” per manifestare il proprio disappunto verso gli scarsi rendimenti della società e la cattiva gestione degli asset strategici. L’AD di Tim Amos Genish, nel frattempo, ha cercato di correre ai ripari accelerando i tempi di scorporo della rete e quotazione in Borsa della relativa società, mossa apprezzata dal ministro per lo Sviluppo Economico Calenda, il quale aveva accolto bene anche le pressioni di Elliott per un cambio di passo nella gestione della società, intravedendo degli aspetti in comune con l’interesse pubblico.
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