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Swiss Back Plan to Curb Excessive Executive Pay
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For the first time since the 2008 global financial crisis a initiative has been put to voters for tackling executive pay and bonus. A large majority of 68% of Swiss voters supported the 24 item Minder Initiative which restricts executive pay and bonuses. The Minder Initiative sends a signal to the rest of the world, says Christa Markwalder, a legislator for the pro-business Free Democratic Party. It provides other countries with a distinct approach to corporate governance and executive compensation. The EU decision to impose strict limits on executive pay and bonuses influenced Swiss voters. The EU decision bans bankers bonuses from exceeding fixed salary without shareholder approval, and limits flexible pay to twice the salary. The 24 item Minder measure gives shareholders the right to block proposed executive pay and bonuses. It also has penalties for violators of 6 times annual salary or imprisonment of upto 3 years. Businessmen and politician Thomas Minder has worked for three years promoting his Initiative and it was finally put to voters in 2013. For the first time since the 2008 global financial crisis, serious action is being taken to limit excessive executive compensation and bonuses in banking and other industries. It comes as austerity measures and high unemployment are influencing public opinion in Spain, UK, Italy and other European countries which have suffered banking crises.
The Swiss Minder Initiative to restrict excessive executive pay and bonus
02/04/2009
The Minder Initiative to restrict excessive executive pay and bonuses gets the support of a large majority of Swiss voters in Feb. 2013. 68% of Swiss voters supported the 24 item Minder Initiative. Swiss voters were influenced by the 72 million franc exit package for Daniel Vassela which was cancelled after popular uproar, the signing package for Axel Weber, new chief at UBS bank, and the clear policy to restrict executive bonus and pay announced by the EU in Feb 2013. The austerity measures after banking crises in Spain, UK, Italy, and other European countries are also influencing public opinion.
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