CEO Pay Cap Limit Initiative Rejected By Swiss Referendum – 25 November 2013

RT logoSwitzerland has rejected a proposal to limit the salary of CEO’s to 12 times that of their lowest-paid employees, following a massive campaign by big business who spent millions in advertising against the measure.

The measure was opposed by 65 percent of voters, the government of Bern said Sunday, claiming a voter turnout of 53 percent, the highest in the last three years. The proposal was rejected by a margin of around two to one.

“It’s a big relief,”
Valentin Vogt, president of the Swiss Employers’ Association, said in an interview on Swiss national television SRF. “It’s a signal that it’s not up to the state to have a say in pay.”

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