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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
InCredit — new rules on credit broking fees and financial promotions; FCA webpage on rules for loan-based crowdfunding platforms; CML responds on FPC direction powers
This edition includes new rules on credit broking fees, the Q3 SME lending stats and the European Banking Authority’s thoughts on credit institutions.
InCredit – FCA structural changes; speech by CEO of Competition & Markets Authority; PRA update on implementing BRRD; and more
Addleshaw Goddard’s weekly publication provides information on current retail finance issues, regulatory and legislative developments, market watch and ASA adjudications.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?