Activist hedge fund manager Bluebell Capital Partners is targeting board level change at Swiss luxury goods group Compagnie Financière Richemont (Richemont), the maker of Cartier jewellery and IWC watches, according to a report by Reuters.
Richemont has revealed that London-based Bluebell, which has around €250 million in assets, wants the company to designate a representative of the holders of ‘A’ shares – which are listed on the SIX Swiss Exchange – with that representative also then becoming a board member. Bluebell also wants to see an increase in the minimum number of board members to six, and to have an equal number of ‘A’ and ‘B’ shareholders on the board. ‘B’ shares which are not listed and are held by Richemont make up just 9 per cent of the company’s equity but hold 50 per cent of the voting rights.
The proposals are set to be submitted at the company’s annual general meeting on 7 September.
