Swatch Rejects Investor's Board Bid and Corporate Governance Proposals
US investor Steven Wood is once again seeking a seat on the Swatch Board of Directors. This time, he has put forward seven proposals to change the company's Articles of Association. Swatch, however, has rejected both his candidacy and his suggestions, insisting they comply with Swiss law.
Wood's latest push includes a demand for bearer shareholders to elect three representatives to the board. He also wants future General Meetings to take place in person rather than virtually. Another key proposal is that the majority of board members should be independent, with the Chairwoman holding no other role within the company.
Last week, Swatch put forward its own candidate, Andreas Rickenbacher, for a board position. The company has dismissed Wood's proposals outright, arguing they do not align with current Swiss regulations.
In addition, Wood has called for a 'special vote' on his nomination as a bearer shareholder representative. His repeated attempts to join the board highlight ongoing tensions between the investor and Swatch's leadership.
Swatch remains firm in its rejection of Wood's candidacy and proposals. The company's stance leaves the investor's future influence uncertain. For now, the board's composition and governance rules will stay unchanged.
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