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Swatch: to cut board pay, reduces 2019 dividend

( - Swiss watchmaker Swatch announced on Friday a reduction in the compensation of its board members in response to the coronavirus crisis, and said that it would cut its proposed dividend for 2019 by 30%.

The company said it will now propose a 2019 dividend of 1.1 Swiss franc per share, versus a previous proposal of 1.6 francs.

Swatch is also proposing a dividend of 5.5 Swiss franc per bearer share, from 8 Swiss francs previously.

This suggestion will be made at the company's ordinary general meeting of shareholders to be held on Thursday 14 May in Biel.

Citing a "prudent" approach to its financial resources, Swatch will also recommend at the shareholers' meeting a reduction of 30% in the compensation of its board members.

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