Swiss voters have rejected a proposal that would have limited executive pay to 12 times that of the lowest paid. The referendum saw 65.3% vote against the plan with 34.7% in favour.
The country is home to a range of giant businesses, including pharmaceutical companies Novartis and Roche, the insurance groups Zurich and Swiss Re and the banks UBS and Credit Suisse.
The rules would have given Switzerland the world’s toughest pay rules and some of the lowest executive salaries.
Business leaders said that would limit foreign investment and the government was also opposed to the proposal.
Early next year, Switzerland will hold another referendum on a guaranteed minimum wage.
Across the Standard & Poor’s 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, the data show. The numbers are based on industry-specific estimates for worker compensation.
If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.