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Swiss Voters Reject High-Pay Initiative
Keywords:
Tags: European Union,
About 65% of voters reject the 1:12 Swiss Fair Pay Initiative supported by the Social Democratic Party, only 34% support it. The Swiss government, parliament and business community opposed it on the grounds that it would make Switzerland less attractive for companies and have an impact on jobs. The earlier Minder initative to limit pay passed after public disapproval of a large retirement package for the retiring CEO of Novartis announced at the time.
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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