Swiss referendum may limit executive pay

The green eyed monster, envy, is inflaming people all around the world, even in usually sensible, pro-business, rich Switzerland. The Swiss, great believers in direct democracy, are going to the polls this week to vote on a referendum that would limit executive pay to a multiple of 12 times the pay of the lowest-salaried worker in an enterprise. Neil Maclucas of the Wall Street Journal writes: On Nov. 24, voters will be asked to approve or reject the 1:12 Initiative for Fair Pay, which organizers say would address a growing wealth gap in Switzerland. The initiative is premised on the idea that no one in a company should earn more in a month than others earn in a year. "Switzerland's wealth is very unfairly distributed," said David Roth, president of the youth wing of the Swiss Socialist Party, which gathered the 100,000 signatures needed to launch the ballot. "While top Swiss managers earn millions, more than 300,000 people in Switzerland have to work for a mere pittance." The...(Read Full Post)