Investor Pushes for Governance Reform at Swatch Group

U.S. investor Steven Wood criticizes Swatch Group's governance, urging board reforms after abandoning plans for a board seat. Wood's GreenWood Investors, holding 0.5% stake, proposes governance changes, including board election reforms, underscoring bearer shareholders' representation rights. Wood's prior board bid was blocked by Swatch's Hayek family.

U.S. investor Steven Wood has leveled criticism at Swatch Group, labeling its governance as subpar and pushing for substantial board reforms, according to the Financial Times.

Wood, founder of GreenWood Investors, which owns around 0.5% of Swatch's shares, has dropped his pursuit of a board seat, opting instead for comprehensive reform proposals. Both Swatch and GreenWood refrained from commenting when approached by Reuters.

Wood initially sought a constructive board relationship but now aims to catalyze pivotal changes in Swatch's governance structure. GreenWood's Monday proposals outlined six governance amendments, notably suggesting that bearer shareholders could appoint three board representatives. Despite hurdles, including resistance from the Hayek family, which possesses significant voting influence, Wood remains adamant about enhancing Swatch's focus on its prestigious brands.