Appropriate response to excessive management salaries; Federal Council passes indirect counter-proposal to the popular initiative "Against fat-cat salaries"
Bern, 5.12.2008 - In the light of the current financial crisis, the Federal Council has extended the ongoing revision of company and accounting law in Switzerland to give greater protection to shareholders' assets. In its Opinion, passed on Friday, it recommends that the Swiss parliament pass the Council's moderate yet more comprehensive bill as an indirect counter-proposal to the Swiss federal popular initiative "Against fat-cat salaries". The Federal Council believes that accepting the initiative into law would reduce the appeal of Switzerland as a business location.