Exit polls: Swiss OK tough limits on bosses' pay

Exit polls show strong Swiss approval for greater shareholder say over executive pay

Associated Press
Exit polls: Swiss OK tough limits on bosses' pay
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FILE - This May 11, 2010 file photo shows the outside view of Transocean's office in Steinhausen, Switzerland. Foreign executives who moved their company headquarters to Switzerland to get better tax deals for their firms may find themselves paying the price for it this weekend. A plan to crack down on excessive corporate pay packages is predicted to pass at the ballot box Sunday, March 3, 2013. (AP Photo/Frank Jordans, File)

BERLIN (AP) -- Exit polls show Swiss voters have approved a measure to boost shareholders' say on executive pay.

The "Rip-off Initiative" is designed to prevent bosses from receiving huge bonuses even when their companies do badly.

The head of polling group gfs.bern, Claude Longchamp, told Swiss public television station SRF that 68 percent of voters backed the measure and 32 percent voted.

If Sunday's exit polls prove correct, parliament will have to draft a law giving shareholders the right to hold a binding vote on all compensation for company executives and directors. The law will also ban signing and leaving bonuses for senior managers and push greater corporate transparency.

Breaching the rules could lead to a fine of up to six annual salaries and up to three years in prison.

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