By Adria Calatayud


Activist investor TCI Fund Management Ltd. plans to propose a resolution at Cellnex Telecom SA's annual general meeting to remove the company's Chairman Bertrand Boudewijn Kan and two other directors.

TCI, which said it owns more than 3% of the share capital of the Spanish telecommunications company, said in a letter dated Thursday that it is also seeking to oust Peter Shore and Alexandra Reich as directors on Cellnex's board. The investor intends to propose the appointment of TCI's Jonathan Amouyal as a director and potentially additional directors, it said.

"We believe that Cellnex is a great company, but in our opinion it cannot reach its full potential because it is held back by poor corporate governance," TCI said in the letter signed by Christopher Hohn, the firm's founder and portfolio manager.

Cellnex declined to comment.

TCI said it has lost confidence in the three directors after a hiring process for a new Cellnex chief executive was mishandled by the board.

Cellnex in January said Chief Executive Tobias Martinez had tendered his resignation and that he would step down after the company's AGM scheduled for June.

The letter was first reported by the Financial Times.


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

03-24-23 0446ET