Swiss Voters Decisively Reject a Measure to Put Limits on Executive Pay
By JACK EWING, NYT
FRANKFURT — Despite opinion polls showing widespread dismay about huge executive paychecks, Swiss voters on Sunday rejected severe limits on executive pay.
The measure, known as the 1:12 initiative because it would have barred executives from earning more than 12 times as much as the lowest-paid employees at their companies, was rejected decisively by 65 percent of voters, according to provisional official results.
Many Swiss were uncomfortable with a rigid, government-imposed salary cap.
Switzerland, one of Europe’s most business-friendly countries, traditionally imposes light regulation on business and has relatively low income taxes. Partly as a result, the country is a popular base not only for banks and hedge funds, which have congregated in Geneva, but also major chemical, pharmaceutical and machinery companies.
(More here.)
FRANKFURT — Despite opinion polls showing widespread dismay about huge executive paychecks, Swiss voters on Sunday rejected severe limits on executive pay.
The measure, known as the 1:12 initiative because it would have barred executives from earning more than 12 times as much as the lowest-paid employees at their companies, was rejected decisively by 65 percent of voters, according to provisional official results.
Many Swiss were uncomfortable with a rigid, government-imposed salary cap.
Switzerland, one of Europe’s most business-friendly countries, traditionally imposes light regulation on business and has relatively low income taxes. Partly as a result, the country is a popular base not only for banks and hedge funds, which have congregated in Geneva, but also major chemical, pharmaceutical and machinery companies.
(More here.)
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