On March 3, 2013, Swiss voters overwhelmingly backed the popular initiative „against rip-off salaries“ – also known as the Swiss „Fat Cat“ referendum (hereinafter the „Initiative“). The aim of the Initiative which was launched by a medium sized businessman and politician, Mr Thomas Minder, is (1) to avoid excesses of executive pay, (2) ban corporate proxies and the representation of shareholders by their depository banks, and (3) enable pension beneficiaries and policyholders to determine their deposits are being used for voting. This Alert Letter gives an overview of the most important legal impacts to be expected.
Switzerland