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August 17, 2017

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14 Year Old Child Bride Facing Death Penalty for Murdering Husband -

Saturday, November 29, 2014

BREAKING: New Coal Disaster In West Virginia -

Tuesday, February 11, 2014

U.S. Hostage Freed by Colombia’s FARC Rebels (Video) -

Monday, October 28, 2013

Here’s Why The Zimmerman Verdict Matters -

Sunday, July 14, 2013

BREAKING! UK Government Spied On Allies At TWO G20 Summits (Video) -

Sunday, June 16, 2013

Swiss Support Tougher Asylum Legislation as Refugee Numbers Spike -

Monday, June 10, 2013

American Woman Killed in Syria Fighting for Terrorists, Syrian TV Claims (Video) -

Friday, May 31, 2013

CO2 in the Air Reached its Highest Level in Human History -

Friday, May 10, 2013

Terms of the New Abortion Bill Agreed by Irish Cabinet -

Wednesday, May 1, 2013

Boston In Lockdown As Manhunt Intensifies -

Friday, April 19, 2013

2 Dead, Dozens Injured After Boston Marathon Bombing -

Monday, April 15, 2013

Fast Food Workers in New York Stage Surprise Strike -

Saturday, April 6, 2013

N. Korean Rhetoric Provokes Missile Shield Deployment -

Wednesday, April 3, 2013

Eyewitness Accounts from Meiktila Massacre -

Wednesday, April 3, 2013

Sudan to Free All Political Prisoners -

Monday, April 1, 2013

A New Free Press In Burma Juxtaposed With Genocide: The World Will Be Watching -

Friday, March 29, 2013

Pressure Builds to End Ethnic Violence in Myanmar -

Friday, March 29, 2013

Activists Demand Action As Further Genocide Looms -

Tuesday, March 26, 2013

Cyprus Reaches Last-Minute Bailout Deal With EU -

Monday, March 25, 2013

Myanmar Muslims Brace for Possible Genocide -

Sunday, March 24, 2013

The Swiss Vote Overwhelmingly For Executive Pay Curbs

On Sunday, Swiss citizens voted with 67.9 percent margin to impose some of the most restricting rules on executive compensation. All of Switzerland’s 26 cantons passed the initiative, which is a rare occurrence. This will allow shareholders to veto executive pay proposals and will give them the power to ban big rewards for new and departing managers.

67.9 percent is one of the highest approval rates that Switzerland has ever seen for a popular initiative. It goes to show that the built up anger and plain outrage, caused by multi-million payouts for executives, can translate into decisive and convincing action in Switzerland’s direct democracy.

Anger rose due to big bonuses that were blamed for fueling risky investments that almost knocked down UBS, one of the largest financial services firm in Switzerland. Adding fuel to the fire was the proposed $78 million payment to outgoing former head of pharmaceuticals giant Novartis, Daniel Vasella.

The opponents of this initiative argued that the executives who are offered better pay elsewhere would leave the country. They also argued that these new measures would damage the country’s competitiveness and possibly scare away international talent.

Mr. Minder, the man who started this campaign, countered: “Investors put their money where they have the most to say, and that will clearly then be Switzerland.”

This outrage over what the public considered to be reprehensible levels of pay and bonuses for executives, has fueled anger in other countries as well, although Switzerland avoided an economic crisis of the sort seen in the European Union.

The only way to manage this out of control executive pay, according to Minder, is to give the shareholders the power to decide the amount of the pay. The Swiss government and the Council of States have been against the initiative from the very beginning. They cautioned that the headquarters of some large companies might move out of the country due to these new rules.

Minder hopes this initiative to be an inspiration for other countries and is convinced that it will be Switzerland’s next “best export product”.

According to the text of the initiative, any company mentioned on the list that doesn’t follow the rules could face a fine up to six years of the total salary it pays to its executives and up to three years in prison for the top level decision makers.

Clarissa Frankfurt (20 Posts)

Clarissa Frankfurt is a law student at the University of Fribourg in Switzerland. While her country of origin is Switzerland, she has also lived in America for 4 years and in Germany for 3 years. Her Master studies are concentrated on International law and Human Rights, as well as Diplomacy. When she’s not studying, you can find Clarissa online blogging about politics, mainly American politics, social issues such as Women’s Rights and equality for the LGBT community, Democracy and Human Rights (http://tocareornottocare2012.wordpress.com/). Offline, you can find Clarissa playing the violine in the university orchestra, teaching English, taking part in Model UNs (...MUN) or fanatically shooting hoops.