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…
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