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Swiss voting no to capping bosses' pay at 12 times poorest paid Swiss voting no to capping bosses' pay at 12 times poorest paid
(about 2 hours later)
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.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.
Our correspondent in the country says the big business cantons, Zurich and St Gallen, are showing clear majorities against.Our correspondent in the country says the big business cantons, Zurich and St Gallen, are showing clear majorities against.
There are many more votes still to count, but it is clear the initiative cannot pass now.There are many more votes still to count, but it is clear the initiative cannot pass now.
The Young Socialists, who proposed it, have admitted defeat.The Young Socialists, who proposed it, have admitted defeat.
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.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.
The government was also opposed to the move.The government was also opposed to the move.
It is the second time this year that Swiss voters have been balloted on the issue.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.In March they did back strict limits on bonuses and golden handshakes.
Irritation
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.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.
Although this proposal may have been defeated, the issue of high salaries and a widening wage gap has not gone away.
Early next year, Switzerland will hold another referendum on a guaranteed minimum wage.
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.