Voters crack down on corporate pay packages

A proposal to rein in pay-outs to top managers and company board members won an overwhelming majority in a nationwide referendum in Swizerland on the 3 March 2013. Tough negotiations were expected in the Swiss parliament over the application of the initiative.

The Swiss government said that 67.9% of voters had backed allowing shareholders to veto executive pay proposals as well as banning big rewards for new and departing managers. The result was one of the highest approval rates ever for a popular initiative.

The move came on the heels of European Union steps the previous week to address top management pay, which had been a lightning rod for public anger across the world since the financial crisis.

• Primary Source

BBC News, 03.03.12: Swiss referendum backs executive pay curbs http://www.bbc.co.uk/news/world-europe-21647937

ESO: Background information: EU hails 'breakthrough' deal to cap bankers’ bonuses http://www.europeansources.info/record/eu-hails-breakthrough-deal-to-cap-bankers-bonuses/

EurActiv, 04.03.13: Swiss vote to limit top executive salaries http://www.euractiv.com/euro-finance/swiss-vote-executive-pay-curbs-news-518209

Deutsche Welle, 03.03.13: Will bonus caps improve the banking industry? http://www.dw.de/will-bonus-caps-improve-the-banking-industry/a-16642511

Deutsche Welle, 03.03.13: Swiss vote to skim salary cream for 'fat cats' http://www.dw.de/swiss-vote-to-skim-salary-cream-for-fat-cats/a-16642303

France24, 03.03.13: Swiss voters approve tough limits on corporate pay http://www.france24.com/en/20130302-swiss-voters-approve-tough-limits-corporate-pay

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