Swiss vote on proposal to limit top managers' pay
business executives file photo, iStock iStock
Voters in prosperous Switzerland are delivering their verdict on a proposal to limit the pay of companies' highest-paid managers to at most 12 times that of their lowest-paid workers.
Sunday's referendum comes after voters in March voiced anger at perceived corporate greed by voting to boost shareholders' say on executive pay and ban one-off bonuses known as "golden hellos" and "goodbyes."
The young socialist backers of the new "1:12 initiative" say that imposing a legal limit on salaries would ensure fairer pay.
But their proposal is opposed by Swiss business, which argues that it would weaken the nation's competitiveness. Opponents include Sepp Blatter, the Swiss president of world soccer's governing body FIFA, who argues that it would have the side-effect of seriously damaging Swiss soccer.
- Sepp Blatter mum on latest 2022 World Cup corruption allegations
- FIFA president critical of Brazil World Cup organizers after worker fatalities
- Garcia quizzes Blatter, FIFA board on World Cup
- FIFA makes $72M profit, raises reserves to $1.43B
- Qatar WCup organizers: We adhered to ethics rules
- FIFA official received $2M days after Qatar awarded World Cup: report
- Desmarais brothers get $7.7M each in 2013
- Brazil struggles with its World Cup preparations
- Morinville to vote on future of photo radar
- Malaysia Airlines cited in St. John's online voting debate
China's economy grew 7.4% in the first three months of the year - slightly better than expected, but below the government's target.
Date 1 hr ago, Duration 1:51, Views 2
Date 20 hrs ago 7:08
Tooltip Information:Calgary stabbings: 5 youths deadVideo by:Description: Neighbour Doug Jones interviewed after 3 declared dead at scene, 2 more later died in hospitalRating: 3.24Views: 30162
Date 16 hrs ago 1:19
Tooltip Information:RAW: Calf rescued in flood waterVideo by:Description: Video taken from Tammy McLean of a one-month-old calf trying to swim to shore in western New BrunswickRating: 1.5Views: 1506
Date 14-04-14 5:49
Tooltip Information:What stolen SINs might mean to youVideo by:Description: Raymond VanKrimpen discusses the Heartbleed bug breach at Revenue Canada, and what it might mean for consumersRating: 3.76Views: 18078