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In a referendum on 3rd March, voters in Switzerland adopted the “Minder-Initiative” by an overwhelming majority of 67.9 %. The approval of the initiative was foreseen as the support for it had been growing since it reached the 100 000 votes needed for it to be put to a referendum. Lately, events had helped solidify the support as former Novartis CEO Daniel Vasella was awarded chf 72 million upon his departure from the company. This severance pay affronted many people as in 2011, Novartis intended to shut down its plant in Nyon and reduce the workforce in Switzerland by more than 1000 people.
The “Minder-Initiative” establishes for the first time the right of shareholders to have what is called a “say-on-pay.” This means that salaries and other compensation for the CEO, Board of Directors and Executive Officers must be approved by the shareholders. “Golden parachutes” are being abolished all together and there will be no bonuses for buying or selling companies. Furthermore, shareholders now have the right annually to vote for whom they want to have on the board of the company.
The “minder-Initiative” was launched in 2008, when member of the Swiss Parliament Thomas Minder presented a draft proposal. A voluntary Swiss Code of Best Practice for Corporate Governance already existed, but as this left all the powers concerning compensation to the Board of Directors, a change in the law was desirable.
Before the new law can enter into effect, the 26 cantons need to adopt it too, but since a majority of voters in all of the cantons supported the bill getting it through the final stages should not constitute any serious problem.
Previously on this issue: swiss to cap abusive payments
Read more on: Deloitte , Tribune de Genève