Addleshaw Goddard

UK 200 2013 position: 23

European Employment Law Update — January 2014: Switzerland

On 20 November 2013, the Swiss Federal Council approved the final Ordinance Against Excessive Compensation. It implements the key elements of the ‘Minder Initiative’, a constitutional amendment approved by the Swiss electorate earlier last year. The criminal provisions are more limited in scope and certain implementing transition periods have been clarified or extended.

The final Ordinance Against Excessive Compensation is supplemented by an explanatory report providing guidance on the changes to the preliminary draft ordinance. The ordinance will come into force on 1 January 2014, subject to the transitional provisions.

The ordinance contains a default rule. It requires Swiss public companies to specify in their articles of association the mechanism of the ‘say-on-pay’ vote. The following three requirements must always be complied with: the vote on compensation must be held annually; the vote on compensation must be binding rather than advisory; and the vote on compensation must be held separately for the board of directors and the executive management…

Click on the link below to read the rest of the Addleshaw Goddard briefing.

Briefings from Addleshaw Goddard

View more briefings from Addleshaw Goddard

Analysis from The Lawyer

  • pannone.jpg

    Another Mancunian merger for Slater & Gordon?

    Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?

  • Addleshaws

    Number crunching: Addleshaw Goddard

    The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.

View more analysis from The Lawyer

Overview

Milton Gate
60 Chiswell Street
London
EC1Y 4AG
UK
http://www.addleshawgoddard.com

Turnover (£m): 166.50
No. of Lawyers: 592

Jobs