Swiss Reject Executive Pay Limits

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).