Activist Investor Escalates Fight for Swatch Board Overhaul Ahead of 2026 AGM

US investor Steven Wood is once again seeking a seat on the Swatch Board of Directors. This time, he has put forward a series of bold proposals to reshape the company's governance. His latest moves follow years of opposition to the current leadership and repeated calls for reform.

Wood's campaign against Swatch began in 2023 when he and Greenwood Investors, holding roughly 7% of the company's shares, objected to the re-election of Chairwoman Nayla Hayek. They demanded her removal and a board with more independent directors. At the 2024 AGM, they escalated by nominating four independent candidates—including Wood—for the 2025 vote. Media reports suggested their proposals won over 20% shareholder support, reflecting growing dissatisfaction with governance after Swatch missed dividend payments.

By early 2025, Wood publicly criticized the board's structure at the April AGM, where Hayek was narrowly re-elected. Now, ahead of the 2026 meetings, he has submitted seven new proposals to amend Swatch's Articles of Association. Among them: a demand that bearer shareholders elect three of their own representatives to the board. He also wants the majority of directors to be independent and has called for future General Meetings to be held in person rather than virtually.

Wood's latest push includes a request for a 'special vote' on his nomination, restricting participation to bearer shareholders only. Additionally, he insists the Chairwoman should hold no other role within the company. Swatch, however, has rejected all his proposals and denied any legal wrongdoing. Last week, the company put forward its own candidate, Andreas Rickenbacher, for the Board of Directors.

The dispute highlights deep divisions between Wood's reformist agenda and Swatch's current leadership. If his proposals gain traction, they could significantly alter how the company is governed. The outcome will depend on shareholder votes at the next AGM.