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Swiss vote to impose world’s strictest rules on executive pay after public outcry over fat cat bonuses

People in Switzerland have voted for strict controls on executive pay

68 per cent backed plans to veto pay-outs to bosses

Move sparked by anger over the big bonuses blamed for fuelling risky investments

It comes after the EU announced plan to cap bankers’ bonuses at a year’s pay

By JANINE YAQOOB

Published: 16:43 GMT, 3 March 2013 | Updated: 17:12 GMT,
3 March 2013

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Swiss citizens have voted to impose some of the world’s strictest controls on executive pay.

Early returns in a referendum revealed 68 per cent backed
plans for shareholders to veto executive pay and for a ban on big rewards for
new and departing managers.

The clear majority came as a surprise 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.

Support for the move was sparked by anger over the big bonuses blamed for
fuelling risky investments that nearly felled Swiss bank UBS, as well as outrage over a proposed $78 million payment to outgoing Novartis chairman Daniel Vasella.

Claude Longchamp, of pollsters Gfs.Bern, said the public outcry last month
that forced Novartis to cancel Vasella’s ‘golden goodbye’ helped drive the campaign.

The Swiss vote for stricter rules on execuitve pay was sparked by outrage over a proposed
$78 million payment to outgoing chairman of drugs company Novartis
Daniel Vasella (pictured)

‘It emotionalised and it mobilised,’ he said.

Thomas Minder, the businessman-turned-politician behind the campaign, says his proposals are aimed at ending a culture of short-termism and rewards for managers of badly-run companies rather than just capping salaries.

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Despite threats from some executives, Switzerland
is unlikely to see an exodus of big companies who have previously been drawn to the country by low taxes,
stable politics and business-friendly laws.

And companies will seek ways around the new rules to reward executives,
just as banks in Europe are looking to soften the impact
of a cap on bonuses for top staff agreed by
European politicians on Thursday. 

The Swiss vote comes as the European Union tries to push through a proposal which will mean bankers
bonuses will be capped at a year’s pay and a perk of two years’ salary could only be paid if a majority of shareholders agreed to it.

Downing Street said Prime Minister David Cameron had ‘real concerns’ about
the plans and warned it must not be allowed to stifle Britain’s role
as a global banking centre.

Chancellor George Osborne (left) is expected to argue against the European Union’s plans
to cap bankers’ bonuses at a year’s pay. Prime Minister David Cameron (right)
said he had ‘real concerns’ about the plans

The deal must be signed off by EU governments before coming into force next year but Chancellor George Osborne is expected to argue against it at
a meeting of European finance ministers next year.

Boris Johnson joined the chorus of British opposition,
branding the plans ‘deluded’ and ‘self-defeating’.

The London Mayor warned it would simply play into the hands of the City of London’s overseas.

Mr Osborne is expected to try to block the plans,
claiming it would prevent City firms hiring the best staff,
prompting an exodus of top talent to New York.

The deal must still be signed-off by EU governments before
coming into force in 2014 but the UK is struggling to convince other countries it is a bad idea.

If Britain loses its showdown with Brussels, it would mean the most
draconian clampdown on fat cats’ perks since the financial crisis
of 2008.

Swiss companies accounted for five of the top 10 best-paid
chairmen in Europe in 2011, but only the heads of Novartis and Roche made it into the continent’s top 10
for chief executives.

While anger at multi-million dollar payouts for executives has spread around the globe since
the financial crisis, the Swiss system of direct democracy means populist proposals have a greater chance of implementation.

Swiss citizens get to vote on a range of topics in up to four national referendums each year.

A few other countries, including the United States and Germany, have introduced advisory ‘say on pay’ votes in response to anger over inequality and corporate excess.

Britain is also planning to give shareholders a binding vote on pay and ‘exit payments’ at least every three years.

The near collapse of flagship bank UBS in 2008 stoked anger among Swiss who blamed its heavy losses
on rewarding bankers to make risky bets

Thomas Minder’s initiative in Switzerland forces binding votes on compensation every year
as well as on board composition and would also ban bonus payments to managers if their companies are taken over.

The plan also includes possible jail sentences and fines
for breaching the new rules.

While Switzerland has fared relatively well through the financial crisis, the near
collapse of flagship bank UBS in 2008 stoked anger among Swiss who blamed its heavy losses
on rewarding bankers to make risky bets.

Last year, more than one third of UBS shareholders rejected the bank’s plans for executive pay
– including a 4 million franc signing-on fee for new German chairman Axel Weber – after a sub-par 2011 profit
and a $2 billion rogue trading scandal.

The centre-left Social Democrats are already pushing for another referendum on even tougher curbs on executive
pay – they want to limit the annual compensation of top managers to just 12 times that of their lowest-paid worker.

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