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Swiss vote to impose world’s strictest rules on executive pay after public outcry
Swiss citizens have voted to impose some of the world’s strictest controls on executive pay.
Early returns in a referendum revealed 68 per cent backed plans for shareholders to veto executive pay and for a ban on big rewards for new and departing managers.
The clear majority came as a surprise given fierce opposition and intense campaigning by business lobby group Economiesuisse, which warned the proposals will damage the country’s competitiveness and scare away international talent.
Support for the move was sparked by anger over the big bonuses blamed for fuelling risky investments that nearly felled Swiss bank UBS, as well as outrage over a proposed $78 million payment to outgoing Novartis chairman Daniel Vasella.
Claude Longchamp, of pollsters Gfs.Bern, said the public outcry last month that forced Novartis to cancel Vasella’s ‘golden goodbye’ helped drive the campaign.
http://www.dailymail.co.uk/news/article-…z2MXelj7m8
2013-03-04 14:06:34
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