Swiss Vote for Tough Powers on Executive Pay
Swiss businessman and senator Thomas Minder waiting for the result (Fabrice Coffrini)
Swiss Vote for Tough Powers on Executive Pay
Thanks to Philipp
By Emily Payne, The Sunday Times – March 3,2013
http://www.thesundaytimes.co.uk/sto/news/world_news/Europe/article1224847.ece
Shareholders will have the right to vote on executive pay after voters backed “Rip-Off Initiative” by more than two to one
SWISS voters have approved a measure to boost shareholders’ say on executive pay.
Some 67.9% of voters backed plans for shareholders to veto executive pay, as well as a ban on big rewards for new and departing managers.
A law will now need to be drafted that gives shareholders the right to hold a binding vote on all compensation for company executives and directors.
The law will also ban signing and leaving bonuses for senior managers and push greater corporate transparency.
Justice minister Simonetta Sommaruga said: “Today’s vote is the result of widespread unease among the population at the exorbitant remuneration of certain company bosses.”
Breaching the rules could lead to a fine of up to six annual salaries and up to three years in prison.
Anger over the big bonuses, blamed for fuelling risky investments that nearly felled Swiss bank UBS prompted support for the move.
Posted by Stephen Cook on March 5, 2013 / A World That Works for Everyone / Comments OffTags: Executive Pay, Switzerland
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3/05/2013
Swiss Vote for Tough Powers on Executive Pay
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