March 3, 2013
ZURICH—Swiss voters on Sunday overwhelmingly backed a plan giving shareholders sweeping authority over executive pay, the latest in a series of moves aimed at curbing what is seen as excessive remuneration levels at top companies.
Roughly 68% of voters in Switzerland backed the Minder Initiative, named after the businessman and politician who created it, according to results from all of the Alpine country's 26 cantons, Swiss television reported. The 24-item measure, which received unanimous support from the cantons, enables shareholders of Swiss companies to approve or block proposed compensation for corporate executives and board members.
The plan, dubbed the "rip off" initiative by the country's media, bans so-called golden-handshake and golden-parachute severance agreements. It also requires greater transparency of loans and retirement packages for senior executives and directors.
Continued at:
http://online.wsj.com/article/SB10001424127887324678604578338171658493636.html
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