Swiss voters have backed some of the world's toughest limits on executives' pay in a referendum, a move critics say could make Switzerland less attractive to multinational corporations, writes Catherine Bosley.
The initiative against "fat cats" proposed by the head of a herbal toothpaste company, Thomas Minder, was backed by 68pc of Swiss voters yesterday according to exit polls.
The proposal gives shareholders an annual ballot on managers' pay. It eliminates sign-on bonuses, as well as severance packages and extra incentives for completing mergers.
The initiative also includes rules punishing executives who violate the terms with as long as three years in jail.
"I'm glad the long battle is over," said Mr Minder, who started the campaign in 2006.
The vote is a "negative signal for Switzerland as a place for doing business", Economiesuisse, a business lobby which had campaigned against the proposal, said.