Swatch shareholders should reject board re-election, proxy advisors say

Chocoladefabriken Lindt & Spruengli AG

05/05/2025 12:01

ZURICH, May 5 (Reuters) - Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended Swatch Group UHR.S shareholders vote against the re-election of the watchmaker's supervisory board, citing concerns about their independence.

ISS said investors should vote against chair Nayla Hayek, who has been head of Swatch's board since 2010, and her brother Nick Hayek, who is CEO of the company whose brands include Omega and Longines.

The advisor also said shareholders should not re-elect Nayla's son Marc Hayek, and the four other executives including Lindt & Spruengli LISN.S chairman Ernst Tanner.

 (Reporting by John Revill; Editing by Kirsten Donovan)

 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))