FINANCIAL TIMES: European executive pay has come under attack for the second time in less than a week after Swiss voters overwhelmingly backed curbs on corporate wages that snatch the power away from company boards…
EU proposals to cap bankers’ bonuses at twice their salary have stunned the City of London, with senior bankers warning that the cap will drive top staff to Asia or New York and eventually prompt a shift in operations from London. “This will have consequences,” said one high-ranking executive at a leading investment bank in London.
The referendum in Switzerland has introduced an even broader set of curbs after 68 per cent of voters approved rules that include giving shareholders a binding say on executive pay; banning golden hellos and goodbyes; requiring annual re-elections for directors; and threatening criminal sanctions for non-compliance… (more)
