Gold plating the cuckoo clock
March 3, 2013 6:56 AM Subscribe
posted by Wordshore (15 comments total)
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: Some 70% of Swiss voters appear to have supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers, projected referendum results suggest. One of the organisers of the referendum, Brigitte Moser Harder, told the BBC she thought the Swiss people agreed with the proposals because the gap between rich and poor had become wider. "From the beginning, 2006, we had the support of the people of Switzerland because you know not everybody in Switzerland is rich."DW
: The "Minder Initiatve," named after Thomas Minder, the businessman who launched the petition, would allow basic salaries, bonuses, and so-called golden hellos and golden handshakes - paid when an executive joins or leaves a corporation - to come under public scrutiny.
: The clear majority was unusual given fierce opposition and intense campaigning by business lobby group Economiesuisse, which warned the proposals will damage the country's competitiveness and scare away international talent.
: At least five of Europe’s 20 highest-paid chief executive officers work for Swiss companies, according to data compiled by Bloomberg. Among them are the Credit Suisse Group AG CEO Brady Dougan, ABB Ltd. (ABBN)’s Joe Hogan and Joe Jimenez of Novartis AG. (NOVN) Roche Holding AG (ROG)’s chief Severin Schwan and Nestle SA (NESN)’s Paul Bulcke are also in the top tier.
: Among those in the spotlight have been Daniel Vasella, former head of pharmaceuticals giant Novartis, who made 15 million Swiss francs (12 million euros, $16 million) in 2011. Adding fuel to the fire was Vasella's planned 72 million Swiss franc golden parachute, to be paid out over six years, provided he did not go to work for the competition after stepping down this February.