THE DAILY TELEGRAPH: A plan to limit pay to executives based in Switzerland is expected to be passed on Sunday, as people vote on the referendum against “rip-offs” remuneration.
Under the proposal, shareholders will be given the right to hold a binding vote on executive remuneration. Companies would also no longer be able to pay so-called “golden hellos” and “golden parachutes”, whereby senior managers receive a one-time cash lump sum, often running into millions of pounds, when joining or leaving a company.
Polls show the majority of Swiss plan to vote “yes” in the referendum, despite businesses warning it will drive out companies from the country.
The move will also be a blow to the many foreign firms that have moved their headquarters to Switzerland in recent years to benefit from better tax deals, including from Britain.
The Swiss vote comes after Vince Cable, the UK business secretary, pushed through plans to give shareholders a greater say over executives’ pay, including a binding vote on remuneration, last year. The UK measures are due to take effect from October as part of an effort to boost transparency and curb compensation levels when the performance of the business does not warrant it.
Elsewhere in Europe, countries such as the Netherlands and Denmark already have similar legislation allowing shareholders at least a binding vote on executive compensation. » | Louisa Peacock | Saturday, March 02, 2013
My comment:
The plucky Swiss are doing it again. The Swiss are a courageous people. Hats off to the Swiss!
I have lived in Switzerland for over four years. It was the most wonderful experience of my life. Switzerland is a wonderful country to reside in; and the Swiss understand how to keep it that way. I have only respect for the Swiss.
That is exactly what I do not have fo this excuse of a government. When the EU proposed clipping the wings of the greedy bankers this week, all we got from Cameron was excuses and circumlocution. In short, he doesn't have the balls to call the bluff of the bankers. Let the bastards find somewhere else to fill their coffers. Running a country is not all about letting the greedy stuff their bank accounts full with ill-gotten gains; rather, it's about creating a fair society for all. And when there is a period of austerity, we really should all be in this together. Those shouldn't be just fine words uttered by a prime minister. They should have some resonance.
If Cameron has any hope of being re-elected––and it is looking pretty grim for him right now––he needs to understand that he, above all people, cannot afford to be viewed as a soft touch for the über-rich. In short, he needs to grow a pair.
Along with so many other people in this country, I am sick and tired of the greed of bankers and CEOs who have no understanding of humility and fairness. Nobody expects them to live in penury; but we do expect them to toe the line. Now back to the Swiss: Bravo! – © Mark
This comment also appears here
