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.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
Corporate News: ICSA Registrars Group guidance on articles of association and dividend distributions; and more
Addleshaw Goddard has published the June 2014 edition of Corporate News.
An employee cannot bring a breach-of-contract claim for losses flowing from the manner of dismissal even where the dismissal is in breach of an express contractual disciplinary procedure.
Analysis from The Lawyer
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?
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.