Banking Industry Swizerland: Swiss overwhelmingly vote to rein-in executive pay: projection

A large majority of Swiss voted Sunday to rein in executive pay and force business leaders to give up golden parachutes, according to early results and projections.

Official first results of the popular vote showed that in Geneva, where polling ended at noon (1100 GMT), 67.7 percent voted in favour of the initiative, with similar numbers in the canton of Vaud and Fribourg.

And projections from Switzerland's financial capital Zurich, where voting will continue until 6:30 pm, showed 71 percent of voters want the so-called Minder Initiative, after its sponsor businessman and senator Thomas Minder, passed into law.

"The people have decided to send a strong signal to boards, the Federal Council (Swiss government) and the parliament," Minder himself told public broadcaster RTS, adding he was not surprised by the projected results.

Read more: Swiss overwhelmingly vote to rein-in executive pay: projection - FRANCE 24

Businessweek: France threatens to curb executive pay

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France threatens to curb executive pay

France's government on Wednesday promised to crackdown on bonuses and other executive payments if business leaders fail to curb excesses amid growing public anger over company bosses' pay. Responding to outrage over the exit bonus paid to the former head of Valeo SA, an auto parts maker that received state aid, President Nicolas Sarkozy hit out at "dishonest" executives late Tuesday. He said there should be no more bonuses or stock options at companies that benefit from government help.