Policing executive pay

Swiss voters recently approved tough pay limits for executives of privately owned companies, including a binding annual vote by shareholders on management salaries. The referendum eliminates sign-on bonuses, severance packages, and incentives for completing mergers. Offending executives face criminal penalties up to 3 years in jail or forfeit of 6 years' salary. Swiss officials now must translate the referendum into workable laws without driving companies out of the country. The results will apply to Transocean Ltd. and Weatherford International Ltd., which moved corporate headquarters to Switzerland from Houston 4-5 years ago. Proponents emphasize 67.9% of the voters who went to the poll...

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