NFU News

“Bring sanity back to CEO pay”

BONUS CAP. A referendum in Switzerland gave a resounding yes to a law that will cap bank CEO bonuses.

Nearly 70 percent of Swiss voters said yes to the new law. Obviously the people have had enough of seeing how CEOs in banks get huge bonuses at the same time as the financial crisis hits the people.

The bank bonus cap demands that bonuses cannot exceed the annual wage. It can, though, be raised to be equivalent to two year’s pay if the shareholders approve.

UNI Global Union General Secretary Philip Jennings say’s in a statement:

“The Swiss have taken the lead – this is a world first. We expect other countries to follow suit. Investors and worker pension funds have a new tool to bring sanity back to CEO pay. The global labour movement will take this message to the G20. We have to close the wealth gap and lift the bottom rather than feed the greed at the top.”

Read UNIs whole statement here.

Related news

2024.05.02 | NFU News
2 maj, 2024

NFU and Partners Held Dynamic Panel Events in April to Foster Dialogue Ahead of the European Election

In the wake of the upcoming European Parliament election scheduled for 6-9 June, the need for candidates who persistently uphold democratic values has never been more pronounced. Recognising the gravity of this electoral moment, Nordic Financial Unions, in collaboration with its partners, embarked on a mission to highlight and raise awareness surrounding the EU elections.
Read more