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Swiss vote on capping bosses' pay at 12 times poorest paid Swiss voting no to capping bosses' pay at 12 times poorest paid
(about 3 hours later)
Swiss voters are deciding whether to introduce new laws that would limit executive pay to 12 times that of the lowest paid. Early results suggest Swiss voters are saying "no" to a proposal to bring in a law that would limit executive pay to 12 times that of the lowest paid.
It is the second time this year that they have been balloted on the issue. Our correspondent in the country says the big business cantons, Zurich and St Gallen, are showing clear majorities against.
In March they backed strict limits on bonuses and golden handshakes. There are many more votes still to count, but it is clear the initiative cannot pass now.
The new rules would give Switzerland the world's toughest pay rules and some of the lowest executive salaries - which business leaders say would limit foreign investment. The Young Socialists, who proposed it, have admitted defeat.
The government is also opposed to the move. The new rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries - which business leaders said would limit foreign investment.
There is widespread public anger at revelations that some of Switzerland's chief executives are earning more than 200 times what their employees take home. The government was also opposed to the move.
It is the second time this year that Swiss voters have been balloted on the issue.
In March they did back strict limits on bonuses and golden handshakes.
There has been widespread public anger at revelations that some of Switzerland's chief executives are earning more than 200 times what their employees take home.
Some Swiss have been further irritated that these high levels of pay are being given to executives whose firms have been cutting jobs.Some Swiss have been further irritated that these high levels of pay are being given to executives whose firms have been cutting jobs.
Switzerland's system of democracy means citizens can call nationwide votes on issues that concern them.Switzerland's system of democracy means citizens can call nationwide votes on issues that concern them.
Recent opinion polls show a slight majority against the proposal.
The result is expected to be announced this afternoon.