Swiss CEO Pay Cap Rejected by Referendum

November 25, 2013 Share Print 0

Swiss voters have rejected a proposal that would have limited executive pay to 12 times that of the lowest paid.

The referendum saw 65.3% vote against the plan with 34.7% in favour.

The country is home to a range of giant businesses, including pharmaceutical companies Novartis and Roche, the insurance groups Zurich and Swiss Re and the banks UBS and Credit Suisse.

The rules would have given Switzerland the world’s toughest pay rules and some of the lowest executive salaries.

Business leaders said that would limit foreign investment and the government was also opposed to the proposal.

The Young Socialists, who proposed the measure, admitted defeat.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.