BERLIN (November 24, 2013) Swiss voters soundly rejected a proposal to limit the pay of companies' highest-paid managers to 12 times that of their lowest-paid workers.
A projection by the gfs.bern polling agency based on partial counting showed that voters were rejecting the plan by a margin of 66 percent to 34.
Initiatives need a majority of both voters and cantons, or states, to pass in a referendum, but at least 20 of the 26 cantons have voted no.
Sunday's referendum came after voters voiced anger in March at perceived corporate greed by voting to boost shareholders' say on executive pay and ban one-off bonuses known as "golden hellos" and "goodbyes."
The young socialist backers of the new "1:12 initiative" say that imposing a legal limit on salaries would ensure fairer pay, but the Swiss business community opposed the measure, arguing that it would weaken the nation's competitiveness.