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BFW 11/24 12:04 Swiss Reject 1:12 Initative on CEO Pay Limits: SRF Projection
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Swiss Voters Reject 1:12 Initative on CEO Pay Limits, Govt Says 2013-11-24 15:45:56.918 GMT
By Catherine Bosley Nov. 24 (Bloomberg) -- Swiss voters rejected limiting manager pay to 12 times a company’s least-paid employee in referendum today, according to Swiss government. * NOTE: Projection in line with latest poll, which predicted 54% rejection * NOTE: Switzerland’s Young Socialists campaigned for 1:12 law, companies have lobbied against the proposed limit: NSN MWK8TN6K50Y9 <GO> * NOTE: 1:12 referendum comes after success of Thomas Minder’s “fat cat” initiative that in March enacted some of world’s toughest rules on executive pay: NSN MJ50RR6S973C <GO> * NOTE: For more on Swiss initiative system: NSN MWM2431ANZ8Y <GO>
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--Editor: Zoe Schneeweiss
To contact the reporter on this story: Catherine Bosley in Zurich at +41-44-2244134 or cbosley1@bloomberg.net
To contact the editor responsible for this story: Craig Stirling at +44-20-7673-2841 or cstirling1@bloomberg.net