* Findim outvoted on results, gets no board seats
* Telco proposing current CEO as exec chairman
* Shares down 1.2 percent, in line with sector (Releads, adds details of votes, updates shares)
MILAN, April 12 (Reuters) - Telecom Italia shareholders approved its 2010 results, and its main owner Telco's slate of directors got the support it needed to see off a challenge from 5 percent owner Findim.
Telecom Italia, Italy's biggest telecoms operator, is 22.5 percent controlled by Telco, which comprises Italian investors Assicurazioni Generali
During Tuesday's shareholder meeting Franco Toffoletto, a representative of Findim, owned by Italy's Fossati family, said Findim would vote against the 2010 results because they did not contain information on the control exercised by Telco.
But, in the shareholder vote, 89 percent of the capital present at the meeting voted to approve the 2010 results, while 46.9 percent voted for Telco's slate of directors, chairman Gabriele Galateri Di Genola said.
As a result Telco gets 12 members of the 15-person board, institutional investors 3 members representing minority shareholders, and Findim no representatives, he said.
Telco proposed a management reshuffle in March, including the appointment of Chief Executive Franco Bernabe as executive chairman.
Il Sole 24 Ore newspaper had said on Sunday that fund shareholders with about 18 percent in the phone company could link up with Findim to outvote Telco.
Telecom Italia shares were down 1.21 percent at 1.06 euros at 1519 GMT. The STOXX Europe 600 telecoms index was 1.41 percent lower. (Reporting by Stefano Rebaudo and Stephen Jewkes; Editing by Will Waterman)