Swiss Fight to Curb Executive Pay Gaining Momentum

A fight to shrink income inequality by limiting executive pay and increasing worker’s wages in Switzerland is heating up this week as organizers are promising to “pull out all the stops” ahead of a November 24th referendum.

The “1:12” initiative in question would limit monthly executive pay to no more than what any company’s lowest-paid staff earn in a year.

Although recent polls have shown voters are split on the initiative, recent campaigns in the country have proven very successful.  A referendum, which bans so-called “golden handshake” deals and forces public companies to give shareholders a binding vote on compensation, passed with a landslide victory in March. And another referendum brought to parliament by petition earlier this month—calling for a guaranteed minimum income of $2,800 per month for every worker in the country—has received widespread popular support.

Nonetheless, organizers for the “1:12” initiative told Agence France-Presse that it is not the time to get comfortable, as the proposition faces fierce opposition from the wealthy elite and right-leaning voters.