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What should determine the pay of CEOs? (lemmy.ml)

submitted 3 years ago by [email protected] to c/[email protected]

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[–] [email protected] 3 points 3 years ago (1 children)

Switzerland voted on a 12x initiative a few years ago: https://www.businessinsider.com/switzerlands-112-initiative-why-executives-are-worried-2013-11

Unfortunately it got rejected after big companies threatened to fire their employees and leave Switzerland if this was accepted, that this would destroy the economy, and so on...

Others disagree. According to World Radio Switzerland, Novartis, Nestle, Bobst, and SBB sent thousands of employees letters asking them to vote no to the 1:12 initiative, arguing that it would make Switzerland a less desirable place to do business. Earlier this year the CEO of commodities giant GlencoreXstrata said the company would consider leaving Switzerland if the law passed. “I can’t believe that Switzerland would cause such great harm to its economy,” Ivan Glasenberg said in an interview with the SonntagsZeitung. “And I say that not just as the head of a company, but as a Swiss citizen.”

[–] [email protected] 2 points 3 years ago

"not just as the head of a company but as a rich dude with a €400k/Yr cocaine habit that I can't afford to support if this law passes"

All of these companies would still be able to make loads of profit in Switzerland even if this law passed, seems like a game of corporate chicken and the Swiss general public blinked first