Swiss vote on bosses' pay could hit offshore firms

[dipsydoodle]

Source: Associated Press

BERLIN (AP) -- Foreign executives who moved their company headquarters to Switzerland to get better tax deals for their firms may find themselves paying the price for it this weekend.

A plan to crack down on excessive corporate pay packages is predicted to pass at the ballot box Sunday.

If the "Rip-off Initiative" succeeds, shareholders will be given the right to hold a binding vote on a company's compensation of executives and directors. This includes both base salary and bonuses.

It would also ban "golden hellos" and "golden goodbyes" - one-time bonuses that senior managers often receive when joining or leaving a company which can run into millions of dollars.

Read more: http://hosted.ap.org/dynamic/stories/E/EU_SWITZERLAND_BOSSES_PAY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-03-02-05-23-06

[Alamuti Lotus]

1. I sense that Switzerland is about to get a massive influx of foreign-funded contributions...

...to any organization that fights this.

Assuming such foreign funding is even allowed, I'm not familiar enough with their laws for anything except mild snark such as seen above.

Bravo to them if this passes. Shareholders should definitely have such controls as mentioned in the piece.

[muriel_volestrangler]

2. I hope the Swiss voters pass it

It's one of those countries that is held over others' heads - "if you increase your higher tax rate, these firms will relocate to somewhere like Switzerland where they appreciate wealth-creating masters of the universe blah blah blah..." It'll be good for plenty of places if the advantages of moving to Switzerland are just the stunning scenery, rather than oodles of cash.

[Andy823]

3. This should be world wide

If there was a universal law like this, that covered every country, then the rich would not be able to get away with it simply by moving their corporations someplace else. If we really want so see change it has to be done on a universal basis in order to make sure we get "real" change.

[EC]

4. It's one of the things the G 20 should be working on... n/t

[love_katz]

5. Let's spread this great idea...

by making the U.S.A. the next country to pass that kind of legislation!

Yeah, let's bring it on home!

[dipsydoodle]

6. Swiss referendum 'backs executive pay curbs'

Swiss voters appear to have backed proposals to impose some of the world's strictest controls on executive pay, projected referendum results suggest.

>

Official first results from Geneva, where polling ended at noon (11:00 GMT), showed 67.7% voted in favour of the initiative.

Projections by polling institute Gfs.Bern for Swiss state television, based on early results, showed 70% backing the proposals across the country.

http://www.bbc.co.uk/news/world-europe-21647937

Its worth noting that under Swiss law if sufficient of the population demand a referendum the government cannot deny it - it has to proceed as has happened in this case.

[G_j]

7. "Rip-off Initiative"