RCS MediaGroup faces calls for alternative board members

MILAN (Reuters) - Italian publisher RCS MediaGroup faced calls for shareholders to back alternative boardroom candidates, having been criticized by one outspoken investor over plans to sell its book publishing and certain real estate assets. Advisory group Glass Lewis advised shareholders to vote in favor of candidates put forward by investor Urbano Cairo, increasing his chances to gain representation on the company's new board, on which shareholders will vote on April 23. The list presented by the Italian businessman, who holds 4.6 percent of RCS and has criticized the company's strategy on several occasions, was also backed by smaller advisor Frontis Governance, three sources close to the matter said. Meanwhile proxy advisor ISS favored a list presented by fund managers association Assogestioni, adding the slate was "better positioned to represent the long-term interests of minority shareholders and carry out an independent oversight of the management's action". Glass Lewis said in its recommendation letter that the nominees brought "an appropriate level of experience and diversity of expertise to the board". However a group of investors led by carmaker Fiat Chrysler and investment bank Mediobanca are likely to win the majority of the board seats, leading to the confirmation of CEO Pietro Scott Jovane. These investors have a combined stake of around 38 percent. Cairo has criticized Jovane's plan to sell RCS's book business to rival Mondadori, as well as to dispose of some real estate holdings. (Reporting by Claudia Cristoferi, Maria Pia Quaglia and Agnieszka Flak; Editing by David Holmes)