swiss vote on whether to rein in executive pay
Last Updated : GMT 11:08:12
Arab Today, arab today
Arab Today, arab today

Swiss vote on whether to rein in executive pay

Arab Today, arab today

Arab Today, arab today Swiss vote on whether to rein in executive pay

Geneva - AFP

Swiss voters head to the polls on Sunday for a referendum on whether to peg executive pay so that bosses cannot receive more than 12 times the salary of their lowest-paid employee. The measure is not expected to pass. Only a third of voters in a recent poll said they would back it, down from closer to half last month. But the debate has tapped into a vein of discontent among Swiss voters who in March overwhelmingly approved new rules to rein in golden handshakes, in the wake of high-profile mega-payments to top bosses. Dubbed the "1:12" initiative after the legally-binding ratio it would set between the top and bottom salaries in a firm, the plan has met with stiff opposition from Switzerland's business community and political right. Its critics have issued stark warnings that inscribing salary restrictions into the law would make the wealthy Alpine nation less competitive and break with a Swiss tradition of a limited officialmeddling in business. "There's a climate of mistrust towards those who make money," Jean-Claude Biver, boss of high-end watchmaker Hublot, told the Swiss daily Le Temps. Christoph Darbellay, head of the centre-right Christian Democratic Party, told AFP he could understand disquiet over "undeserved salaries". But voting Yes would be tantamount of "shooting ourselves in the foot", he insisted. Switzerland's cross-party government has urged a No vote, saying a 1:12 law would dent tax revenues and scare off foreign firms. Switzerland, which has long boasted a business-friendly climate coupled with one of the highest average salaries in the world, has largely avoided the economic crisis dogging the European Union, of which it is a staunch non-member. The referendum campaign was spearheaded by the Socialist Party, plus the Greens and trade unions. They have rejected the criticism, arguing that it is time to clip the wings of the vastly overpaid, and underlining that an informal ratio of around 1:12 was the norm as late as 1998, before things went awry. Under the direct democracy which is the core of the Swiss political system, the campaigners were able to put the issue to a plebiscite by collecting more than 100,000 signatures. The debate has led to intense scrutiny of bosses' pay packets, which the 1:12 proponents say were an average 43 times higher in 2011 than those on the bottom of the ladder. According to 2012 figures published by the campaigners, the then boss of pharmaceutical giant Novartis made 219 times the lowest salary. At banking group UBS, the lowest-paid employee would have had to work 194 years to make the same amount the head of its investment bank raked in in 12 months. The chief executive of rival bank Credit Suisse enjoyed a ratio of 1:191. And at insurer Swiss Life -- whose chief is also treasurer of the Economie Suisse trade and industry lobby -- it was 1:60. To hammer their message home, the campaigners plastered Switzerland with posters showing a single hamburger next to a towering stack of a dozen, reading: "12 times more salary, that's enough".

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

swiss vote on whether to rein in executive pay swiss vote on whether to rein in executive pay

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

swiss vote on whether to rein in executive pay swiss vote on whether to rein in executive pay

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday