US Investor Steven Wood Proposes Board & Governance Reforms At Swatch

U.S. investor Steven Wood, Founder of GreenWood Investors, has accused Swatch Group of poor governance and proposed board and corporate reforms, according to the Financial Times.

GreenWood holds about 0.5% of Swatch’s share capital. Wood has abandoned plans to gain a Board seat and is instead pushing the Board to adopt a package of six governance proposals, including allowing bearer shareholders to elect three board representatives. Swatch said it received a letter from GreenWood indicating it will provide evidence to place motions on the next AGM agenda. Wood has urged the company to focus on luxury brands such as Breguet and Blancpain amid a share price decline of roughly 50% since early 2023. Swatch will be removed from the Swiss Leader Index next month after falling market capitalisation and lower trading volumes.