Friday, February 22, 2013

Why rich Switzerland is furious about rich executive pay-outs...

The anger over excessive executive pay has finally spilled over to affluent Switzerland, more than a year after igniting the Occupy Wall Street movement in the United States. The outrage over corporate greed reached a boiling point last week with the news that Daniel Vasella, chairman of the Swiss pharmaceutical giant Novartis, was offered a $78 million payout to ensure he would not work for a rival company after his retirement on Feb. 22.

The announcement sparked a public outcry rarely seen in this usually placid country. Politicians and unions called the compensation “disgusting,” while an attorney representing small shareholders filed a lawsuit accusing Novartis and Vasella of the misuse of company funds. Faced with the mounting criticism, this week Vasella –who reportedly earned $14 million last year – announced that he would forego the payment because “many people find the amount unreasonably high.”

That is an understatement even in Switzerland, which has the richest and highest-earning population in the world. But the Swiss believe that wealth must be earned through hard work rather than handouts or windfalls, and the super-rich should not flaunt their money. They often cite the example of the much admired Swiss tennis champion Roger Federer, who has remained modest and down-to-earth despite amassing great wealth. Full story...

Related posts:
  1. Novartis chief Vasella gives up golden chute...
  2. Novartis chairman’s golden payoff slammed...
  3. Novartis chairman will receive up to SFr72 million ($76 million) over the...
  4. Money-losing UBS under fire for lavish bonuses...
  5. The Swiss turn on the super-rich...
  6. Swiss farmer turns down £20 million offer for his land...
  7. Germany's rich get richer despite crisis...
  8. French newspaper to France's richest man: "Get lost, you rich bastard"
  9. Roger Federer: Second most-respected public figure in the world...

No comments:

Post a Comment