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From the magazine SZW-RSDA 4/2018 | S. 393-405 The following page is 393

Wie die Arbeit, so der Lohn – Vergütung in privaten und kotierten Gesellschaften

Rising executive pay is a vital topic for shareholders, proxy advisors, academics and the wider public. It is worth noting that the remuneration of auditors for their audit services has hardly attracted shareholder attention even though falling audit fees may be a reason for weaknesses in corporate control. In this perspective it looks like an anomaly that the remuneration of the party controlling the board (essentially with respect to the applicable accounting standards) is set by the controlled party, i.e. the board. Due to the adoption of the so called «Minder» initiative Switzerland has become a leading country as far as regulation on executive pay is concerned. Relevant information on executive pay seems more important for investors than binding decision making power, as an advisory vote on a remuneration report by shareholders operates normally as a significant guidance for a board. However, investors get more and more used to binding voting on executive pay under Swiss law and…

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