Switzerland: Voters Tighten Limits on Executive Pay in Switzerland | NYTimes.com

Swiss citizens voted Sunday to impose some of the world’s most severe restrictions on executive compensation, ignoring a warning from the business lobby that such curbs would undermine the country’s investor-friendly image. Thomas Minder, an entrepreneur and member of the Swiss Parliament who turned a personal fight against Swissair into a nationwide referendum against “rip-off merchants,” spoke to the news media on Sunday. The vote gives shareholders of companies listed in Switzerland a binding say on the overall pay packages for executives and directors. Pension funds holding shares in a company would be obligated to take part in votes on compensation packages.In addition, companies would no longer be allowed to give bonuses to executives joining or leaving the business, or to executives when their company was taken over. Violations could result in fines equal to up to six years of salary and a prison sentence of up to three years.