November 2013

On 20 November 2013, the Swiss Federal Council (the executive branch of the Swiss federal government) adopted the final ordinance against excessive remuneration by listed companies. The ordinance implements the provisions of the Swiss Federal Constitution resulting from the affirmative vote by the Swiss people on 3 March 2013 on the so-called "rip-off initiative" (also known as "Minder initiative", introduced by the politician Thomas Minder). The ordinance will enter into force on 1 January 2014 and will apply until the Swiss Parliament translates the Minder initiative into law.

This newsflash highlights the material changes to the earlier draft ordinance and summarizes the essential points of the ordinance, including the transitional regime.