Swatch investor takes the goal of the family behind omega and Longens

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The Swach Group Steven Wood investor said that the faltering Swiss watchmaker “is only run for one shareholder”, as it increases his campaign to elect the family -controlled company.

In an interview with The Financial Times, Wood said that the group behind Omega, Harry Winston and Bergout is mired in “a position in which the rights of minority shareholders are ignored.”

The comments are hidden to the Hayek family, which has 25 percent of Swatch shares but controls 44 percent of the voting rights. Nick Hayek Junior, son of the founder of Swinch Nicholas Hayek, has worked as CEO since 2003. His sister has chaired Nayla Board of Directors since 2010.

Greenwood, which has a 0.5 percent stake in the company worth about 37 million SWF37N, made a Wood election decision to elect a SWATCH at the company’s annual meeting on May 21.

The Hayek family was subjected to pressure after years of performance that prompted Nick Hayek, CEO, to raise the possibility of taking the private company over and over again. Swinch had reported a 75 percent decrease in net profit to SWF219MN last year.

“Reducing the value is the opening of the eye. Swatch is trading about half of the book,” said Wood, who added that he has been participating with the Board of Directors since June. “This is an opportunity once in a luxurious space,” he said.

Wood campaign is a rare example of shareholders ’activity in Switzerland, where many companies are controlled by strong families.

Swatch has a double -class sharing structure. The Hayek family often has registered shares, which carry more rights to vote more than its holders, many of which are kept by institutional investors. Wood wants to serve as a representative of Bearer shares, which represents 55 percent of Swatch capital.

Wood describes himself as “constructive” instead of an activist. He wants Swatch to communicate more explicitly with investors, a approach that also followed in the Aerospace Group and Defense listed in the Italian List Leonardo, where he has served in the Board of Directors since 2023.

Many Wood ideas are compatible with analysts and shareholders, according to the Philip Berchi committees, head of Swiss stock research in Fontopille.

He said: “All investors agree with what he says. It is good to have some healthy pressure on the Hayek family.”

The Swinch Council recommended the shareholders to vote against Wood’s decision for several reasons, including that he is not Swiss and does not live in the country. The company said that Jean -Pierre Roth, the former president of the Swiss National Bank who has worked on the Swinch Board of Directors since 2010, is the representative of the Sawinch holders.

The Swiss Ethos Group Group Foundation, which represents the Swiss pension funds, has recommended that it had previously expressed concern about the governance of Swinch in companies, to vote for the election of Wood.

However, another proxy agency, ISS, advised the contributors to vote against Wood’s election because he did not file a sufficient convincing case. ISS also advised investors to vote against the re -election of most of Swatch board managers on the basis that the company failed to establish a sufficient, independent council.

Swatch did not give the holders of its holder the opportunity to elect the representative of the Board of Directors, without entering registered shareholders. This is a violation of their rights under Swiss law, according to Lod.

Soch said that it guarantees that the proposal is dealt with “in a legitimate proper way” in AGM and has been fully acted for all national laws and regulations.

Wood said the Orbis Investment Management, which has a 1 percent stake in Swatch, gave him his support.

But if the Hayek family succeeds in preventing Wood’s appointment to the board of directors this month, he will consider searching for the support required for five percent of shareholders to be able to call an extraordinary general meeting.

This was used to request a separate vote, between the shareholders of Swatch holders alone, to elect as a representative of the Board of Directors.

“There are many different paths that this can take,” he said. “May 21 is not the end of the story.”