Swiss reject pay cap on high earners
Swiss voters have rejected a proposal to cap the salaries of top executives at 12 times that of a company's lowest wage.
A late drive by business leaders warning about potential damage to the economy resulted in 66pc voting against imposing limits.
But the need for a referendum on business rewards in one of the world's richest economies was being treated by politicians and academics as a "wake-up call" on socially- sensitive issues.
The nation is home to some of the world's biggest companies, including Nestle and commodities giant Glencore Xstrata.
The "1:12 initiative for fair pay" was brought about by the youth wing of the Social Democrats. It managed to gather enough signatures to trigger one of four national polls allowed by the Swiss constitution each year.
The idea was that no one should earn more in a month than others earn in a year. The electorate has already voted to ban "golden hellos" and "golden goodbyes" for executives. (© Daily Telegraph, London)