Controlling shareholder Telco said it will use a Telecom Italia board meeting this Thursday (19 December) to discuss the following day’s shareholder meeting, at which a rebel investor will push to dismiss the entire board of the Italian operator.

Earlier this week mutinous minority shareholder Findim submitted a list of five directors it wants on Telecom Italia’s board as it pushes for the dismissal of the incumbent members.

TI’s annual general meeting takes place this Friday (20 December).

German industrial group Findim is the Italian operator’s third largest shareholder, with a five-per-cent stake. While it is thought difficult for it to unseat the incumbents on Telecom Italia’s board, the result is not a foregone conclusion.

For instance some large proxy advisers, such as law firm Glass Lewis, have recommended that shareholders back Findim, arguing it has “a fairly compelling case to suggest the incumbent board has, at the very least, undertaken several recent actions that appear to favour Telefonica and its competitive position at the expense of Telecom [Italia] and its unaffiliated investors,” The Wall Street Journal reports.

Telco is controlled by Telefonica along with with Italy’s Assicurazioni Generali, Intesa Sanpaolo and Mediobanca. It controls Telecom Italia with a stake of 22.4 percent.

The next largest shareholder in Telecom Italia is US investment manager Blackrock, which increased its stake to 10.1 per cent earlier this week. Its voting intention is unknown.

Since an agreement in September, Telefonica has tightened its control over Telco and, indirectly, over Telecom Italia. But the side effect has been regulatory uncertainty, particularly in Brazil where it has faced criticism from anti-trust regulator Cade.

Telefonica CEO Cesar Alierta resigned from the Telecom Italia board over the issue.