Swiss vote Yes to curb top executives pay

paul
Mon, 04 Mar 2013 14:11:46 +0000
Class, Wages, Economy, International, Opinion, News, Paul B

This Sunday, 3rd March, Swiss voters, by a whopping majority of by 68%, struck fear into the corporate world by backing a citizen’s initiative referendum to curb top executives pay. Over two-thirds of the citizenry backed a package of proposals including a ban on “golden hellos” and “golden parachutes”, making shareholder votes on pay binding on corporate boards, requiring yearly term limits to board membership and requiring pension fund shareholder votes to be transparent, along with jail terms for executives that break the rules. The citizen’s initiative passed against the background of vocal screeching from the united ranks of the corporate elite, Switzerland’s largest multinationals including Nestlé, Credit Suisse, Novartis, ABB and nearly all the political parties.