A group of Italian and foreign shareholders are concerned about Vivendi’s intentions for Telecom Italia (TI) after it asked to add four of its high profile executives to TI’s board of directors.

Vivendi, which owns more than 20 per cent of TI, wants its proposal on the agenda for the next meeting of the Italian company’s shareholders, set for 15 December.

The move would increase the number of board members from 13 to 17.

In a letter addressed to Telecom Italia’s chairman Giuseppe Recchi, CEO Marco Patuano and the board, the Italian and foreign investors said Vivendi’s proposal would adversely impact institutional investors’ representation on the board and give Vivendi “greater influence than it is guaranteed by the TI stake it holds”.

The shareholders include APG Asset Management, Legal & General Investment Management, Standard Life Investments, and a JPMorgan Chase & Co asset management unit. The letter was posted on the website of Italian fund association Assogestioni.

An earlier Rueters report quoted a senior industry source as saying that “Vivendi seems to be acting more like an activist fund.”

The French company said it wants to use its stake in Telecom Italia as a way to build up its strategy in Southern Europe to distribute content, based around its French pay-TV business Canal Plus, as well as its Universal Music Group subsidiary.

Telecom Italia said its board is set to meet in the coming days to review Vivendi’s request.

Italian funds hold only 5 per cent of the company but get to select board members to represent all institutional investors, while foreign funds control 60 per cent of TI.