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Le Temps - Switzerland | Wednesday, June 21, 2006

An appeal for better oversight of executive paychecks

"Enough is enough," Jean-Claude Peclet declares in an editorial on the salaries and bonuses of big-company CEOs. At the moment when Switzerland is revising the rules on how these executives are remunerated, the editorialist suggests that Berne should take a cue from norms applied in other countries. "Even in the United States, the home of meritocracy, the practices of Exxon Mobil, Home Depot and others such as General Electric, came about as a result of stormy shareholder meetings. ... Shareholder-owners must be able to have a say in these pay packages. ... Why not adopt the English or Dutch systems, inspired by the principles of the OECD, under which shareholders have a right to vote on remuneration policy?"

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