Swiss Reject Executive Pay Limits

    Image #: 25674553    epa03963741 Ballot papers are counted in Moutier, Canton of Berne, Switzerland, 24 November 2013. People living in the Jura region, in canton Jura itself and in the parts of the Jura located in canton Bern, were voting on the possible creation of a Greater Jura canton. Swiss citizens on 24 November also were called vote in referenda that would limit a CEO's pay to 12-times that of the company's lowest-paid worker, a rising of the road charge from 40 Swiss Francs to 100 Swiss Francs and a proposal to grant tax breaks for families who raise their children at home.  EPA/JEAN CHRISTOPHE BOTT /LANDOV

    Jean Christophe Bott/EPA, via Landov

    This proved a bridge too far for the business-friendly Swiss. A measure known as the 12:1 initiative, because it would have limited executive pay to no more than twelve times the lowest paid employee at a company, was voted down by over 65 percent of voters in Switzerland. The rejection comes despite public outrage over executive behavior, most notably UBS, which paid out large bonuses after receiving a government bailout, and after Daniel Vasella of pharmaceutical company Novartis demanded a $78 million severance package so as not to work with competitors (after the outcry he withdrew his demands). 

    Read it at the New York Times