Reader’s Digest names Minder European of year
Malcolm Curtis · 21 Jan 2014, 11:21
Published: 21 Jan 2014 11:21 GMT+01:00
- Swiss poised to slash 'abusive' pay for execs (01 Mar 13)
- Novartis chief Vasella bows out with mea culpa (22 Feb 13)
- Swiss mull slashing 'fat-cat' salaries (20 Nov 12)
The publication praised Minder for his engagement in battling “fat cat” pay packets for top managers in Switzerland.
Swiss voters last March approved Minder’s initiative to ban golden parachutes and advance payments to top managers of Swiss companies, while requiring shareholders to give an annual binding vote on pay for senior execs.
With his campaign, the senator from Schaffhausen succeeded in making executive pay the subject of an important debate at the European level, while giving more power to shareholders, Reader’s Digest said in a statement.
Minder’s initiative was backed by 68 percent of the Swiss electorate in a referendum after the politician waged a successful campaign that was opposed by the federal government and business organizations.
Opponents said the proposal risked harming Switzerland’s appeal internationally as a place to do business, although the policy only applies to Swiss companies.