Swiss voters reject proposal to limit executives’ pay

November 24, 2013, Sunday/ 17:03:00

Swiss voters rejected a proposal on Sunday to cap the salaries of top executives at 12 times that of a company's lowest wage, heeding warnings from industry leaders that the measure could harm the country's economy.

The wealthy nation, which is home to some of the world's biggest companies including food group Nestle and commodities giant Glencore Xstrata, voted 66 percent against imposing the limit, according to a projection from Swiss television. The so-called “1:12 initiative for fair pay,” was brought about by the youth wing of the Social Democrats (JUSO). The idea behind the proposal was that nobody should earn more in a month than others earn in a year.

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