The Swatch Group AG is facing renewed investor pressure after a key proxy adviser Institutional Shareholder Services recommended shareholders support a board candidate backed by a US activist.

Steven Wood, founder of Greenwood Investors, is pushing to be nominated as the representative of bearer shareholders on the board at the annual general meeting next month. ISS urged investors to vote for Wood, citing weak long-term performance and governance shortcomings, including a lack of board independence and the continued influence of the Hayek family on Swatch.