Switzerland’s Overwhelming Vote to Curb Executive Pay
In a 2013 interview with Der Spiegel, former Swiss ambassador Dr. Thomas Borer explains why Switzerland’s “Against Rip-off” initiative, aimed at curbing excessive executive pay and so-called golden parachutes, passed with nearly 68% voter approval. The initiative, spearheaded by entrepreneur Thomas Minder rather than left-wing forces, succeeded despite opposition from business lobby Economiesuisse, major political parties, and most of the media. While the Vasella severance scandal at Novartis amplified public anger, Borer believes the measure would have passed regardless. He also addresses the declining Swiss bank secrecy regime, noting political moves to restrict its protections to residents only — a proposal he believes could also find voter support.