• Switzerland edition
 
Swiss support rises for reduced executive pay
Photo: JUSO (Young Socialists Switzerland)

Swiss support rises for reduced executive pay

Published: 24 Oct 2013 19:04 GMT+02:00
Updated: 24 Oct 2013 19:04 GMT+02:00

Hoping to see the same kind of backlash that in March saw Swiss voters back a ban on golden handshakes in the business world, the left-wing campaigners behind the "1:12" initiative are working round the clock ahead of the November 24th plebiscite.
   
The 1:12 label refers to the ratio between the lowest and highest salaries in companies, which the referendum spearheaded by the youth wing of the Swiss Socialist Party would lay down in the law.
   
"We're going to pull out all the stops," David Roth, head of the youth wing, told AFP.
   
To hammer home their message, the campaigners have opted for guerrila marketing tactics in Switzerland's financial hub Zurich, projecting images onto the building of banking giant UBS.
   
They also kicked off a "Fat Cat of the Week" campaign on their Facebook page, spotlighting the head of UBS's investment banking division Andrea Orcel.
   
Orcel's salary is 194 times higher than that of the lowest-paid UBS employee, they underlined.
   
The former Bank of America Merrill Lynch executive chairman, previously at Goldman Sachs, also received a 26-million Swiss franc ($29 million) golden handshake when he joined UBS in 2012.
   
The 1:12 proposal is opposed fiercely by the Swiss business world and the right and centre of the political spectrum, and had been expected to fall flat.
   
But a poll commissioned by Switzerland's public broadcaster SSR, released at the end of last week, showed that supporters and opponents on 44 percent each.
   
"It's better than previous polls which only gave 35 percent in favour," Roth said, though he cautioned that campaigners knew they still had their work cut out.
   
"It could still vary between 10 or 15 percent for each side," he explained.
   
Referendums are the cornerstone of Switzerland's system of direct democracy, and are held several times a year.
   
Most Swiss cast their ballots by post, and their voting papers are scheduled to be sent out next week, along with campaign material from the opposing camps.
   
With voters therefore weighing up their choices, Roth said his campaign team planned a massive rally in Zurich on November 2nd.

Your comments about this article

Today's headlines
National tax planned to cut water micropollutants
The Terre Sainte sewage treatment plant in the canton of Vaud. Photo: Canton of Vaud

National tax planned to cut water micropollutants

Starting in 2016, an annual tax of up to nine francs ($9.43) per resident will help finance equipment in around 100 sewage treatment plants across Switzerland to prevent microscopic pollutants from flowing into lakes and rivers. READ  

UBS pays €1.1-billion bail in French 'tax fraud' case
Photo: UBS

UBS pays €1.1-billion bail in French 'tax fraud' case

Swiss banking giant UBS has made a €1.1-billion ($1.4-billion) bail payment for allegedly helping rich French clients to hide money in Switzerland, a lawyer for the bank said on Tuesday. READ  

Senior dupes European court in suicide snafu
Photo: AFP

Senior dupes European court in suicide snafu

The European rights court on Tuesday withdrew its criticism of Switzerland's assisted suicide laws after it emerged an octogenarian who filed the initial complaint had duped both the court and her lawyer in the case. READ  

Wawrinka knocked out early at Japan Open
The top seeded Swiss struggled to make his mark. Photo: Toshifumi Kitamura/AFP

Wawrinka knocked out early at Japan Open

Tatsuma Ito followed the winning example of Japanese compatriot Kei Nishikori as the number 103-ranked local dumped top seed Stan Wawrinka out 7-5, 6-2 in the first round of the Japan Open tennis tournament on Tuesday. READ  

Swiss group's bid for cat quotas creates buzz
Photo: Joel Dietle

Swiss group's bid for cat quotas creates buzz

A proposal by a Swiss animal protection group to set a limit of one cat per household in Switzerland is attracting international attention. READ  

Basel tackle Liverpool in Champions League duel
FC Basel coach Paulo Sousa: "We'll be stronger." Photo: Javier Soriano/AFP

Basel tackle Liverpool in Champions League duel

Liverpool are confident that they can put a frustrating run of domestic form behind them when they face FC Basel in Switzerland in Champions League Group B football action on Wednesday. READ  

Bern police seek help after boy dies in woods
Köniz church, near where the body was found. Photo: Ikiwaner/Wikimedia Commons

Bern police seek help after boy dies in woods

Police in the canton of Bern on Monday launched a bid for help from the public after the body of a 15-year-old boy was found in the woods near Köniz. READ  

Immigration continues to boost Swiss population
Foreign immigration continues to zoom: crowd watches Swiss air force jet in Bernese Oberland. Photo: Fabrice Coffrini/AFP/File

Immigration continues to boost Swiss population

Immigration is largely responsible for an increase in Switzerland’s population to 8.14 million at the end of 2013, up just over 100,000 from the previous year, according to latest government figures. READ  

Mediterranean migrant death toll hits new high

More than 3,000 migrants have died trying to cross the Mediterranean so far this year, more than double the previous peak in 2011, the Geneva-based International Organization for Migration said on Monday. READ  

UBS offers share swap for new holding company
Photo: Martin Abegglen

UBS offers share swap for new holding company

Switzerland’s largest bank UBS is setting up a holding company to allow its operations to be broken up more easily in the event of a financial crisis. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Scientific study rings alarm over wellbeing of Swiss cows with bells
National
Professional Chilean base jumper dives to death in Swiss Alps
Education
ETH Zurich remains top university in Europe: QS world rankings
National
Switzerland's housing vacancy rate jumps: new federal figures
National
Swiss football club fires team masseuse over explicit sex video
National
Geneva police arrest easyJet passenger over hand luggage row
Business & Money
Latest forecasts for Swiss economic growth turn less bullish
Sport
Formula One legend Schumacher to continue treatment at Swiss home
National
Former federal planning official calls for nine Swiss cantons
Features
The Local gets the lowdown on mushroom picking in Switzerland
National
Virgin boss Richard Branson's son rescued from peak of Matterhorn
National
Swiss President Didier Burkhalter's commute turns Twitter sensation
Features
High-tech cameras give dizzy view of Eiger's north face (VIDEO)
Politics
Baden municipal council strips 'nude selfies mayor' of duties
Business & Money
Switzerland stays atop competitiveness table for sixth year
National
Federal parliament secretary agrees to step down over nude selfies
Sponsored Article
Car insurance made easy online with St Bernard
National
Swiss residents pick Swedes as ideal European soul mates: survey
National
Zurich officials call project to move prostitutes to 'sex boxes' a success
National
Swiss gays recognized as parents of child born to surrogate mother
Health
Increase in mountain bike accidents keeps Swiss hospitals busy
National
Swiss policeman belatedly honoured for saving Jews from Holocaust
National
'Suicide tourists' to Switzerland double in three years: study
National
Swiss Post SMS scheme gets stamp of approval after pilot project
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,147
jobs available