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#1 ⇑ Haut ⇑ 05-03-2013 11:41:08
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Switzerland passes vote to curb executives' pay
A public backlash against soaring executive pay gained more momentum in Switzerland on Sunday, where voters approved on tough executive pay rules, forcing Swiss companies to give shareholders the powers to set executives pay, and also ban further compensations.
Exit polls showed that about 68 percent of voters backed allowing shareholders to have a binding vote on executive pay and ban significant severance package that encouraged executives to take further risks.
The vote reflects the public anger over the excessive bonuses and payment given to Switzerland’s CEOs and Chairmans. According to law, executives who fail to comply will have to face up to three years in prison.
Politician largely welcomed the Swiss vote, where U.K. Prime Minister David Cameron has signaled that he will oppose the cap on bankers’ pay. Germany also signaled it may follow the Swiss lead.
Exit polls showed that about 68 percent of voters backed allowing shareholders to have a binding vote on executive pay and ban significant severance package that encouraged executives to take further risks.
The vote reflects the public anger over the excessive bonuses and payment given to Switzerland’s CEOs and Chairmans. According to law, executives who fail to comply will have to face up to three years in prison.
Politician largely welcomed the Swiss vote, where U.K. Prime Minister David Cameron has signaled that he will oppose the cap on bankers’ pay. Germany also signaled it may follow the Swiss lead.
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