Investing.com -- Proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis have advised shareholders of Swatch Group (SIX:UHR.S) to vote against the re-election of the company’s supervisory board. The recommendation is rooted in concerns about the independence of the board members.
The advisers have specifically expressed opposition to the re-election of Nayla Hayek, who has been the head of Swatch’s board since 2010. They also recommended voting against the re-election of Nayla’s brother, Nick Hayek, who currently holds the position of CEO in the company. Swatch Group boasts a portfolio of renowned brands, including Omega and Longines.
Further, the advisers have advised against the re-election of Nayla’s son, Marc Hayek, and four other executives. Among the executives is Ernst Tanner, the chairman of Lindt & Spruengli (LISN.S). The recommendations by the advisers are expected to influence the shareholders’ votes, which will ultimately determine the future composition of the Swatch Group’s supervisory board.
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