Commend Switzerland for Tough Curbs to Executive Pay

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Target: Thomas Minder, Swiss Politician

Goal: Praise Swiss voters for passing Thomas Minder’s “Against Corporate Rip-Offs” initiative which restricts executive pay and bans large rewards for departing managers.

Swiss voters passed a referendum that imposed some of the toughest controls on executive pay and benefits in the world. A majority of Swiss voters backed the initiative, with 68% voting for the law that would give shareholders the ability to veto executive pay. The referendum would also be able to ban rewards for departing managers, the infamous “golden parachutes.” Sign the petition to praise Swiss voters and the politician that proposed the initiative.

A strong majority passed this initiative despite powerful opposition in the business community that mobilized to defeat the referendum. Lobby groups argued that the “Against Corporate Rip-Offs” initiative would harm the Swiss economy by forcing businesses to flee the country and scare away talent. Swiss voters were motivated by fallout over the UBS banking scandal where the Swiss bank was nearly forced into collapse because of risky investments. The banking trading scandal cost the bank $2 billion. After the old CEO was forced out, the incoming chairman received a $4.2 million signing bonus. There was also outrage over a $78 million golden parachute given to the outgoing chairman of Novartis.

The new law includes strict penalties for CEOs that break the new law including fines and jail terms. The law will serve as an example to the rest of the world. Sign the petition to applaud Swiss voters and Thomas Minder for passing the “Against Corporate Rip-Offs” initiative.

PETITION LETTER

Dear Thomas Minder,

I am writing as a consumer rights activist to applaud the passage of the “Against Corporate Rip-Offs” initiative. It is refreshing to see that Swiss voters are serious about curbing corporate abuse and corruption. I hope that the example of the Swiss law can serve as an example to the rest of the world. More nations should pass similar laws that restrict the obscene levels of corporate pay and end the practice of golden parachutes which allow CEOs that run their companies into the ground to leave not only scot-free but with a profit too.

Swiss voters bravely ignored the threats of the corporate lobby that businesses would leave the country and that the Swiss economy would suffer. This is the first step to rolling back the tide of corporate power and privilege which has had dire consequences to the global economy.

Congratulations on the successful passing of your initiative.

Sincerely,

[Your Name Here]

Photo credit: Michael Ferrari via Flickr

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47 Signatures

  • James Thrailkill
  • Eric von Borstel
  • Hermann Kastner
  • Mal Gaff
  • Terrie Phenicie
  • Marianne Oelman
  • Holly Hall
  • Melanie waleski
  • Ricki Newman
  • Jutta Taraniuk
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