Funds raise questions about Vivendi's ambitions at Telecom Italia

MILAN (Reuters) - An Italian fund managers association said Vivendi's proposal for additional members on the board of Telecom Italia raised governance concerns, adding the top investor's intentions for the Italian phone group were unclear. The French media group wants to increase the number of Telecom Italia's board members to 17 from the current 13 and appoint three top Vivendi executives and a French consultant as its representatives at a mid-December shareholder meeting. In a letter addressed to Telecom Italia's Chairman Giuseppe Recchi and the entire board on Thursday, Assogestioni asked that Vivendi's request be urgently examined. It said institutional investors were worried about "the future structure of Telecom Italia's (board) as well as about the lack of clear disclosure regarding the intentions and objectives behind Vivendi's move". (Reporting by Agnieszka Flak; editing by Francesca Landini)