No more gifts for the bosses

Published on 4 March 2013 at 16:58

Switzerland decided on March 3 to end the "obscene salaries" to firms listed on the Swiss stock exchange.

During a referendum, 68 per cent of voters approved a proposal to limit the payments made to board members, forbid cash payouts on departure and bonuses for the purchase and sale of businesses. The proposals also strengthen shareholder powers.

Those who breach the rules face up to three years in jail or a fine of up to six times their annual salary.

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