On March 2, 2013, Swiss citizens voted in favor of a popular initiative to enhance the say of shareholders in listed companies. The general shareholders meeting will have to approve annually the aggregate compensation for members of the board of directors and the management board. These persons must neither be paid any severance, handshake bonus, bonus for the sale and acquisition of companies nor may any affiliated company enter into any additional employment contract or consultancy agreement be entered into with them. A violation can be sanctioned by a custodial sentence of up to three years and a fine of up to six annual salaries.
The Swiss Government has until March 3, 2014 to adopt an ordinance which will set out the details in full.