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Investor advisers Glass Lewis, ISS and Frontis Governance all recommended Atlantia’s shareholders give their go-ahead to the sale of the infrastructure group’s 88% stake in Autostrade to the CDP consortium.

“The package is out of tune with the current setting, that calls for sobriety, and the previous CEO’s pay,” Italian proxy adviser Frontis Governance founder Sergio Carbonara said.

Frontis also advised shareholders to vote against the pay policy and Carbonara said he expected it would be rejected.

The Richmond, Va., company is operating 33 stores in three states, including one in Winston-Salem at 2005 Frontis Blvd., two in Greensboro and nine overall in North Carolina.

"Telco has removed the conflict of interest," said Sergio Carbonara, founder of proxy adviser Frontis Governance, referring to the board candidates put forward by Telco.