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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.