Swatch Urges Shareholders To Reject Activist Investor's Board Bid [Yahoo! Finance]
SWATCH GROUP AG UNSP/ADR (SWGAY)
NASDAQ:AMEX Investor Relations:
swatchgroup.com/investor_relations/financial_announcements/latest_financial_announcements
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Source: Yahoo! Finance
Swatch Group has escalated a long-running standoff with activist investor Steven Wood, urging shareholders to reject his bid to join the board at the company's AGM in May. The move underscores a governance dispute at one of Switzerland's most storied watchmakers, after Wood, the founder of Greenwood Investors, has spent the past two years pressing for reform at Swatch. He argues that the company's structure, dominated by the founding Hayek family, has constrained shareholder influence and weighed on performance. His latest push is to secure a seat as the representative of ‘bearer shareholders', a role he says would allow him to advocate more effectively for minority investors. Swatch, however, has made clear it has no intention of accommodating him. In its AGM agenda published April 2, the company described Wood as “not suitable” for the role, pointing out that only around 4% of the holdings in his fund, GreenWood Builders Fund IV, consist of bearer shares. Instead, the board h
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