Monday, February 18, 2013

Novartis chairman’s golden payoff slammed...

A golden handshake extended to Daniel Vasella, the departing chairman of Basel-based pharmaceutical company Novartis, is striking a raw nerve in Swiss political and business circles.

Vasella’s 72-million-franc payout, revealed on Friday, elicited sharp criticism from politicians on the left and right and from business groups over the weekend.

“I understand that everyone is revolted by it and so am I,” Rudolf Wehrli, chairman of business lobby group Economiesuisse was quoted as saying from Mexico on Saturday by the ATS news agency.

“Such payouts and salaries amount to a real provocation even for opponents of the Minder initiative.”

 The initiative, to be voted on in a national vote on March 3rd, would give shareholders of Swiss companies a binding vote on the pay of top managers, while ending such perks as compensation in advance and golden parachutes. Full story...

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