swiss vote against cap on executive pay
Last Updated : GMT 00:09:08
Arab Today, arab today
Arab Today, arab today

Swiss vote against cap on executive pay

Arab Today, arab today

Arab Today, arab today Swiss vote against cap on executive pay

Arab Today

A Swiss referendum on Sunday rejected a move to cap executive pay at 12 times the wage of a firm's lowest earner, according to provisional results aired on local television. The measure had been expected to fail, but the debate has tapped into a vein of discontent among Swiss voters who in March backed rules to rein in golden handshakes, in the wake of high-profile payments to top bosses. Dubbed the "1:12" initiative after the legally-binding ratio it would have set between the top and bottom salaries in a firm, the plan met with stiff opposition from Switzerland's business community and political right.

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