World News

Swiss Vote to Control Executive Pay

Swiss voters have overwhelmingly approved a plan to give shareholders authority over executive pay, a move to curb what some critics view as excessive salaries for top corporate officials in Switzerland.

More than two-thirds of those voting Sunday approved the measure, which also will give shareholders the right to ban lucrative severance agreements with executives and other payments that boost overall pay for the corporate chieftains.

Thomas Minder, manager of a natural cosmetics company, was the mastermind behind the plebiscite. But the plan drew sharp opposition from most of the Swiss business community, which said the limits would put the country at a disadvantage in attracting new companies.

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