It’s shocking to say the Swiss got something right – but they have today, on executive pay

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As the FT has just reported:

Switzerland is to impose a stringent set of curbs on executive pay, after voters overwhelmingly backed a package of measures that will sharply tilt the balance of power away from companies’ boards and towards their shareholders.

The package is the brainchild of Swiss entrepreneur Thomas Minder, and includes giving shareholders a binding vote on executive pay, banning golden hellos and golden goodbyes, limiting directors’ terms to one year, and banning bonuses that incentivise buying or selling firms. Non-compliance could lead to jail terms.

This was the result of a referendum, not a vote in parliament. 68 per cent of voters, and all of Switzerland’s 26 cantons approved the changes.

People, even in Switzerland, have had enough of corporate abuse.  The time for change has to be coming when that is the case. Bring on The Courageous State (shameless, but appropriate, plug).

Oh, and let's have no more of the nonsense from bankers and Boris Johnson saying the City will be heading for Switzerland very soon, because I think that argument just died a death.