Swatch Urges Shareholders to Reject GreenWood’s Board Bid Again
Swatch Group has once again opposed an attempt by activist investor GreenWood Investors to secure a seat on its board, urging shareholders to vote against the proposal at its upcoming annual general meeting on May 12. The company stated that GreenWood’s founder and candidate, Steven Wood, is not suitable to represent shareholder interests, citing limited relevance of his experience to the Swiss watch industry.
The watchmaker, known for brands such as Omega, Breguet, and Blancpain, highlighted structural concerns in GreenWood’s shareholding. It noted that only 4% of GreenWood Builders Fund IV’s holdings in Swatch are bearer shares, the category relevant for the board position sought, while the remaining 96% are registered shares. Swatch also emphasized Wood’s lack of connections within Switzerland’s industrial landscape.
GreenWood has not responded publicly, but its campaign follows a failed attempt last year when 79.2% of shareholders voted against Wood’s appointment, amid opposition from the controlling Hayek family. The activist firm has since pushed for governance changes and a stronger focus on luxury brands. Meanwhile, Swatch reaffirmed its support for Andreas Rickenbacher as its preferred candidate, highlighting his experience in public administration and leadership roles across major Swiss institutions.
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