Something big happened in this little country called Switzerland.
About a month ago, Swiss citizens voted to impose probably the world’s toughest restrictions on corporate executive compensation. The vote gave shareholders of companies listed in Switzerland a binding say on the overall pay packages for executives and directors. USA and Germany have adopted this, but as a non binding agreement, which is like letting the thieves police themselves.
Furthermore, companies will not be allowed to give bonuses to executives joining or leaving the business, or to executives when their company is taken over. Violations could result in fines equal to up to six years of salary and a prison sentence of up to three years.
Interestingly, all parties were opposed to this initiative. It was an independent member of the Swiss Parliament, Thomas Minder who pushed through the initiative and had it ratified by almost 68% of Swiss voters.
The initiative had a serendipitous boost in February, when Novartis, the Swiss multinational pharmaceutical company, and second largest in sales in the world, agreed to a $78 million severance payout for its departing chairman, Daniel Vasella.
Hopefully the big countries like the USA and Germany can follow the tracks of this little one who took a decisive step against corporate greed.
This is an effect of the Occupy Wall Street movement, despite MSM (mainstream media) which dismissed it as noise by a bunch of disaffected losers.
After all the criticism against Vasella, guess where he relocated to?