The tug-of-war between Swatch Group and US activist investor Steven Wood has entered a new phase. +Get the most important news from Switzerland in your inbox The American shareholder, via his company Greenwood Investors, has launched a two-pronged offensive: he has applied for a seat on Swatch's board of directors and submitted seven proposals to change the articles of association. The Swiss watch group, which is dominated by the Hayek family, has roundly rejected all of his demands. On Saturday, Greenwood submitted seven formal motions for inclusion on the agenda of the Swatch annual general meeting on May 12 which aim to reshape the company's governance structure. The main proposals include the election of three representatives of bearer share holders to the board of directors, a majority of independent members on the same body, a ban on the chair holding other operational positions in the group (currently number one Nayla Hayek is also CEO of Harry Winston, part of the ...
