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...
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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...
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