Direct democracy Switzerland: How To  Goodbye rip-offs?
Shareholders unlikely to strike down managers  By Matthew Allen
Shareholders are trying to get to grips with Thomas Minder’s
(centre) new rules (Reuters)    Swiss voters came out
overwhelmingly in favour of a proposal against fat cat salaries
on Sunday, but how effective will the changes be, and how many
shareholders will exercise their newly-won rights?  The
initiative (which will still take some years to come into force)
gives shareholders a binding vote on remuneration, a greater say
on who sits on boards and bans some bonuses, such as golden
parachutes and handcuffs.  But not everyone is convinced that
the initiative will greatly influence shareholder attitudes.
Even seasoned activists such as the Braun, von Wyss & Müller
(BWM) investor advisory firm are sceptical.  One reason is that
a large chunk of Swiss company shares are held by overseas
entities, such as hedge funds, that are happy to let executives
have their way as long as share prices rise