The Implementation of the Minder Initiative: Ordinance Against Excessive Compensation in Listed Joint Stock Companies
On 20 November 2013, the Federal Council issued the ordinance against excessive compensation in listed joint stock companies (Ordinance). The Ordinance obliges listed Swiss joint stock companies to annually submit the top management’s compensation to shareholders for a binding vote. The Ordinance also contains far-reaching new rules on the corporate governance of Swiss public companies with direct effects on executive management, shareholders, pension funds and independent proxies. Some of the provisions are already to be complied with as of the entry into force of the ordinance on 1 January 2014.
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