Businessweek (March 4)
“The Swiss government must figure out how to translate some of the world’s toughest rules on executive pay into national law and risk an exodus of big corporations after voters overwhelmingly backed new curbs in a referendum.” In addition to giving shareholders a binding vote on executive pay, the measure will crack down on golden handshakes and golden parachutes.
Financial Times (June 20)
In the UK, “pay packages for FTSE 100 chief executives have quadrupled since 1998—from an average of £1m to £4.2m.” Shareholders have responded with “rebellions” at major companies including Aviva, Barclays and WPP. Now Business Secretary Vince Cable is also taking aim, promising “the most comprehensive reforms of boardroom pay for a decade by giving shareholders binding votes on pay policy and forcing companies to make executive pay more transparent.”
Tags: Binding vote, Executive pay, FTSE, Shareholders, UK, Vince Cable
