Swiss Reject Cap on Executive Pay in Referendum

Swiss voters
have rejected a proposal that would have made it illegal for anyone
at a company to be paid more than 12 times the lowest paid
employee’s wage.

From
The Financial Times:

Swiss voters have decisively rejected a radical
proposal that would have made it illegal for companies to pay
any of their staff more than 12 times the wage of their lowest
earner.

Executive pay has been a hotly debated topic in Switzerland in
recent months, with the country voting in March to ban golden
hellos and golden goodbyes, amid popular and political outrage
over revelations that Novartis planned to pay its
outgoing chairman, Daniel Vasella, SFr72m ($79.4m) as part of a
non-compete agreement.

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