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• Comment Link Dienstag, 21 Januar 2025 09:21 posted by pay69

  Swiss vote to impose world's strictest rules on executive pay after public outcry
  over fat cat bonuses
  
  People in Switzerland have voted for strict controls on executive pay
  
  68 per cent backed plans to veto pay-outs to bosses
  
  Move sparked by anger over the big bonuses blamed for fuelling risky investments
  
  It comes after the EU announced plan to cap bankers' bonuses
  at a year's pay
  
  By JANINE YAQOOB
  
  Published: 16:43 GMT, 3 March 2013 | Updated: 17:12 GMT, 3
  March 2013
  
  
  
  
  
  
  
  
  
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  Swiss citizens have voted to impose some
  of the world's strictest controls on executive pay.
  
  
  Early returns in a referendum revealed 68 per cent backed plans for shareholders
  to veto executive pay and for a ban on big rewards for new and departing managers.
  
  
  
  The clear majority came as a surprise given fierce opposition and intense campaigning by business lobby group Economiesuisse,
  which warned the proposals will damage the country's competitiveness and scare away
  international talent.
  
  Support for the move was sparked by anger over the big bonuses blamed for fuelling risky investments that nearly felled Swiss
  bank UBS, as well as outrage over a proposed $78
  million payment to outgoing Novartis chairman Daniel Vasella.
  
  
  Claude Longchamp, of pollsters Gfs.Bern, said the public outcry last month that forced Novartis to cancel Vasella's 'golden goodbye' helped drive the campaign.
  
  
  
  The Swiss vote for stricter rules on execuitve pay was sparked
  by outrage over a proposed $78 million payment to outgoing chairman of drugs company Novartis Daniel Vasella (pictured)
  
  'It emotionalised and it mobilised,' he said.
  
  Thomas Minder, the businessman-turned-politician behind the campaign, says his proposals are
  aimed at ending a culture of short-termism and rewards for managers of badly-run companies rather than just capping salaries.
  
  
  
  
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  Despite threats from some executives, Switzerland is unlikely
  to see an exodus of big companies who have previously been drawn to the country by low taxes, stable
  politics and business-friendly laws.
  
  And companies will seek ways around the new rules to reward executives,
  just as banks in Europe are looking to soften the
  impact of a cap on bonuses for top staff agreed by European politicians on Thursday. 
  
  The Swiss vote comes as the European Union tries to push through a proposal which will mean bankers bonuses will be capped at a year's pay and
  a perk of two years' salary could only be paid if a majority of shareholders
  agreed to it.
  
  Downing Street said Prime Minister David Cameron had ‘real concerns' about the plans and warned it must
  not be allowed to stifle Britain's role as a global banking centre.
  
  
  
  
  
  
  
  
  Chancellor George Osborne (left) is expected to argue against the European Union's plans to cap bankers' bonuses at a year's pay.
  Prime Minister David Cameron (right) said he had 'real concerns' about the plans
  
  
  The deal must be signed off by EU governments before coming into
  force next year but Chancellor George Osborne is expected to argue against it
  at a meeting of European finance ministers next year.
  
  Boris Johnson joined the chorus of British opposition, branding the plans 'deluded' and 'self-defeating'.
  
  
  The London Mayor warned it would simply play
  into the hands of the City of London's overseas.
  
  
  
  Mr Osborne is expected to try to block the plans, claiming it would prevent City firms hiring the best staff, prompting an exodus of top
  talent to New York.
  
  The deal must still be signed-off by EU governments before coming into
  force in 2014 but the UK is struggling to convince
  other countries it is a bad idea.
  
  If Britain loses its showdown with Brussels, it would mean the most draconian clampdown on fat cats' perks since the financial crisis of 2008.
  
  
  Swiss companies accounted for five of the top 10 best-paid chairmen in Europe in 2011,
  but only the heads of Novartis and Roche made it into the
  continent's top 10 for chief executives.
  
  While anger at multi-million dollar payouts for executives has
  spread around the globe since the financial crisis, the Swiss system of direct democracy means populist proposals have a greater chance of implementation.
  
  Swiss citizens get to vote on a range of topics in up to
  four national referendums each year.
  
  A few other countries, including the United States and Germany, have introduced advisory 'say on pay' votes in response to
  anger over inequality and corporate excess.
  
  
  Britain is also planning to give shareholders a binding vote on pay and 'exit payments' at least every three years.
  
  
  
  
  
  The near collapse of flagship bank UBS in 2008 stoked
  anger among Swiss who blamed its heavy losses on rewarding bankers to make risky bets
  
  Thomas Minder's initiative in Switzerland forces binding
  votes on compensation every year as well as on board composition and would also ban bonus
  payments to managers if their companies are taken over.
  
  
  The plan also includes possible jail sentences and fines for breaching the new
  rules.
  
  While Switzerland has fared relatively well through the
  financial crisis, the near collapse of flagship bank UBS in 2008
  stoked anger among Swiss who blamed its heavy losses on rewarding bankers to
  make risky bets.
  
  Last year, more than one third of UBS shareholders rejected the bank's plans for executive pay - including a 4 million franc signing-on fee for new German chairman Axel Weber
  - after a sub-par 2011 profit and a $2 billion rogue trading scandal.
  
  
  
  The centre-left Social Democrats are already pushing for another referendum on even tougher curbs on executive pay - they
  want to limit the annual compensation of top managers to just 12 times
  that of their lowest-paid worker.
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