Swiss Voters To Execs: Say Hello To The Salary Cap
In addition to limiting how much executives and directors can make, the new referendum includes prison time and fines for "golden parachutes" and similar bonuses.
Kecia Lynn has worked as a technical writer, editor, software developer, arts administrator, summer camp director, and television host. A graduate of Case Western Reserve University and the Iowa Writers' Workshop, she is currently living in Iowa City and working on her first novel.
What's the Latest Development?
On Sunday, voters in Switzerland approved a referendum to place severe restrictions on the amount of compensation executives and directors of domestic companies are able to earn. In addition to giving shareholders binding say on pay packages, the "Minder initiative" -- named after businessman and measure supporter Thomas Minder -- will prohibit companies from giving "golden parachutes" and other special executive bonuses, with fines and prison sentences for violators. The referendum now goes to the government, which will create a proposed law to pass on to the Swiss parliament.
What's the Big Idea?
The success of the measure results from public anger at pay abuses involving several major Swiss companies, including pharmaceutical giant Novartis, whose former CEO Daniel Vasella was promised a golden parachute of 72 million Swiss francs (about $76 million). Although he ended up turning down the offer, his remains a stark example of how company boards are believed to have been shortchanging shareholders. Sunday's vote comes on the heels of a proposal made last week by the European Union parliament to limit the amount of bankers' bonuses to no more than twice their salaries.
Photo Credit: Shutterstock.com
The surprisingly simple treatment could prove promising for doctors and patients seeking to treat depression without medication.
- A new report shows how cold-water swimming was an effective treatment for a 24-year-old mother.
- The treatment is based on cross-adaptation, a phenomenon where individuals become less sensitive to a stimulus after being exposed to another.
- Getting used to the shock of cold-water swimming could blunt your body's sensitivity to other stressors.
Maybe try counseling first before you try this, married folks.
Why self-control makes your life better, and how to get more of it.
(Photo by Geem Drake/SOPA Images/LightRocket via Getty Images)
- Research demonstrates that people with higher levels of self-control are happier over both the short and long run.
- Higher levels of self-control are correlated with educational, occupational, and social success.
- It was found that the people with the greatest levels of self-control avoid temptation rather than resist it at every turn.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.