Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Swiss Exchange  >  UBS AG    UBSN   CH0024899483


News SummaryMost relevantAll newsSector news 

Swiss Clear Path For Popular Vote On Curbing Executive Pay

05/31/2012 | 08:07am US/Eastern

Switzerland's parliament Thursday cleared the way for a national referendum on an initiative to give shareholders greater control over executive pay packages and a counterproposal for a payroll tax.

The Swiss government will decide on a date for the vote on whether shareholders should be allowed to impose yearly limits on salary and bonus payments on Swiss banks and other companies.

Public discontent over the levels of executive pay has become a sensitive political issue in many countries, including the U.K., as banks say high bonus levels, which critics regard as excessive, are necessary to attract top talent.

Under local referendum rules, Swiss voters will have the option to choose between the initiative, which was launched by Swiss entrepreneur Thomas Minder, and the counterproposal.

The popular vote is expected to be held by March 2013.

Switzerland's biggest bank, UBS AG (UBS), slashed its 2011 overall bonus pool by 40% to 2.6 billion francs ($2.69 million), while rival Credit Suisse Group AG's (CS) Brady Dougan had his compensation last year more than halved to CHF5.8 million.

-By Neil MacLucas, Dow Jones Newswires; +41 43 443 8046; neil.maclucas@dowjones.com

React to this article
Latest news on UBS AG
08/28DJChina's Big Dollar Borrowers Hold Off on Hedging Foreign-Currency Debt
08/28DJGold Prices Higher But Fed Rate Increase Prospects Cap Gains
08/27 U.S. leaning against regulatory relief for three banks in Libor scandal
08/27 Goldman Sachs to hire several hundred people in Warsaw
08/26DJSchlumberger to Buy Cameron International for $12.7 Billion -- 7th Update
08/26DJSchlumberger to Buy Cameron International for $12.7 Billion -- 6th Update
08/26DJSchlumberger to Buy Cameron for $12.7 Billion
08/26 UBS : Consumption Indicator: modest upward trend continues
08/25DJBrazil's Caixa Takes Step Toward IPO for Insurance Unit
08/24DJDow Jones Industrial Average Plummets More Than 1,000 Points at Open
Duration : Period :
UBS AG Technical Analysis Chart | UBSN | CH0024899483 | 4-Traders