THE WALL STREET JOURNAL: ZURICH—Switzerland stepped back from a movement to control corporate pay levels, overwhelmingly rejecting an initiative that would have restricted executive salaries to 12 times that of the lowest paid employee.
Roughly 66% of Swiss voters Sunday opposed the 1:12 Initiative for Fair Pay, according to results from 25 of the country's 26 cantons reported by Swiss television. Another 34% supported the referendum item, which was named for the organizers' belief no one in a Swiss company should earn more in a month than someone else makes in a year.
The rejection of the 1:12 initiative marks a move away from Swiss efforts to more tightly govern how companies compensate their employees that has been driven by a growing wealth gap between the country's executive class and everyday workers. » | Neil MacLucas | Sunday, November 24, 2014
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