Swatch’s 2026 AGM: Releasing the Mainspring

Estimated Reading Time: 4 Minutes

GreenWood’s Proposals for the 2026 Swatch AGM & German Original.

GreenWood’s Engagement Presentation on AGM Proposals.

Releasing the Mainspring

In mechanical watchmaking, power is stored in the mainspring.

It is tightly wound. It is compact, controlled, and full of latent force. But that force only manifests when it can travel freely through the movement. If the gear train is obstructed, if a component seizes, or if the escapement fails to regulate energy with precision, the watch cannot keep time.

Swatch is like a wound mainspring. It holds enormous potential: iconic brands, heritage, and a central place in the history of Swiss watchmaking. Yet for more than a decade, much of that potential has remained constrained.

The issue is not the brands.

It is not the craftsmanship.

The issue is governance. And at the 2026 Annual General Meeting, GreenWood is putting forward a set of proposals designed to remove these governance constraints and restore balance at Swatch.

The Obstruction

Swatch today operates under a governance structure that concentrates power and limits accountability. Minority shareholders, who represent a majority of the company’s economic ownership, have little meaningful voice in the boardroom.

Without independent oversight, fresh perspectives, and balanced representation, even great companies can begin to malfunction like an obstructed watch movement.

We have been vocal about these issues, including a recent appearance on BloombergTV, and in an interview with NZZ, one of Switzerland’s leading publications.

For much of the past year, GreenWood stood largely alone in raising these concerns. That is no longer the case. Increasingly, Swiss media, including the publications Handelszeitung and Finanz und Wirtschaft (FuW), have turned their attention to the company’s strategy,  governance, and control structure of the founding family.

Restoring the Movement

The reforms are straightforward and widely accepted across global markets. They are not abstract governance principles, but targeted fixes to restore accountability, independence, and proper oversight at Swatch.

1. Renominate our bearer shares representative, who was successfully elected with 62% of the vote in 2025
2. Guarantee representation for bearer shareholders on the board through 3 representatives
3. Require a majority of independent directors
4. Separate the Chair of the Board from executive management
5. Strengthen independence on key board committees
6. Introduce auditor term limits
7. Allow shareholders to attend AGMs both physically and virtually

None of these ideas are radical. They are the basic foundations of modern corporate governance, and they are long overdue at Swatch.

Letting the Force Flow

Swatch does not need reinvention. What it needs is a governance structure that allows its stored energy to move as it should—unobstructed, properly regulated, and running true.

The 2026 AGM is an opportunity for shareholders to help release the mainspring, and the countdown has begun for shareholders to make their voices heard.

We encourage shareholders to review our updated presentation, understand the proposals, and ensure their shares are properly registered to vote.

Sometimes the greatest transformation does not require new energy. It simply requires removing the obstruction so the movement can run.

We’re ready for Swatch to run properly again, starting with the 2026 Annual General Meeting.

Disclaimer:

This article has been distributed for informational purposes only. Neither the information nor any opinions expressed constitute a recommendation to buy or sell the securities or assets mentioned, or to invest in any investment product or strategy related to such securities or assets. It is not intended to provide personal investment advice, and it does not take into account the specific investment objectives, financial situation or particular needs of any person or entity that may receive this article. Persons reading this article should seek professional financial advice regarding the appropriateness of investing in any securities or assets discussed in this article. The author’s opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research, and the information used in such process was obtained from publicly available sources. Information contained herein has been obtained from sources believed to be reliable, but such reliability is not guaranteed. Investment accounts managed by GreenWood Investors LLC and its affiliates may have a position in the securities or assets discussed in this article. GreenWood Investors LLC may re-evaluate its holdings in such positions and sell or cover certain positions without notice. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of GreenWood Investors LLC.

Past performance is no guarantee of future results.