Reader’s Digest names Minder European of year

Swiss politician and businessman Thomas Minder was on Tuesday named European of the Year for 2014 by Reader’s Digest for his battle against “abusive” salaries paid to company executives.

Reader’s Digest names Minder European of year
Thomas Minder. Photo: Trybol

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.

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