Swiss Voters Approve Limits on ‘Fat Cat’ Executive Pay

[marmar]

(Bloomberg) Swiss voters approved some of the world’s toughest limits on executives’ pay in a referendum, a move critics say could make Switzerland less attractive to multinational corporations.

The initiative against “fat cats,” proposed by Thomas Minder, head of a herbal toothpaste company, was backed by 67.9 percent of the voters today, the government said on its website today. The turnout was 46 percent. Polls, including one by gfs.bern, had signaled that outcome as probable.

The proposal gives shareholders an annual ballot on managers’ pay. It eliminates sign-on bonuses, as well as severance packages and extra incentives for completing merger transactions. The initiative also includes rules punishing executives who violate the terms with as long as three years in jail.

“I’m glad the long battle is over,” Minder, who started the campaign in 2006, told Swiss television. “It’s a powerful sign, this proportion above 60 percent.” .....................(more)

The complete piece is at: http://www.bloomberg.com/news/2013-03-03/swiss-voters-set-limits-on-ceo-paychecks-sf1-projections.html

[texshelters]

1. The problem is that capital is mobile

and unless all nations do this, Switzerland my be punished for doing the right thing.

PTxS

[adieu]

3. If enough first world countries

do this, the rich will be reduced to living in second and third world countries. With special extradition laws and such, they would never be able to step into a first world country.

So fine, earn your money. But you can't fly into Paris or take a walk through New York. Live your life as an owner of a Banana Republic.

[Maraya1969]

2. If we all work hard we can do this in 2014 too.

I hope. I think it is the only way we, as a nation can create a middle class again, unless unions become strong once more.

[WillyT]

4. HUGE K & R !!!

[pscot]

5. Damned Socialists!

[malaise]

6. Switzerland has genuine Direct democracy

Lots of the BS we put up with in Representative Democracy is not tolerated by Swiss citizens.

[Posteritatis]

8. It cuts both ways at times, e.g., Switzerland's women's suffrage record. (nt)

[sulphurdunn]

7. That the people who own

a corporation should decide how much their salaried employees make is such a novel idea, almost as novel as the notion that voters of a country should directly determine the laws by which a corporation operates. It's all so distastefully democratic.

[judesedit]

9. A beginning to a correction of injustice. Thank you.

[cascadiance]

10. I wonder if Bachmann's are still thinking of moving there now...

Does she have a swiss bank account there to live on if she wants to ditch the U.S. after she and her kind have destroyed it?