switzerland Archives

Swiss Stewardship Code for asset owners to launch

The Asset Management Association Switzerland (AMAS) is to launch a Swiss Stewardship Code in October requiring institutional investors to be transparent about their investment processes.

When is a shareholder announcement not a “Shareholder Announcement”?

Answer: when it’s a selective mailing sent out to a privileged few under embargo before the formal announcement date. Today we have the case of Novartis, which yesterday (Thursday, 30-Jan-14) faxed (yes, faxed) an advance copy of its AGM meeting notice to selected names on their share register ahead of the formal dispatch to ordinary […]

Law on ‘unfair remuneration’ one step closer in Switzerland

The Swiss Council of States (the upper house of the Swiss Federal Assembly) has discussed an amendment to Swiss company law in an attempt to encourage Thomas Minder to withdraw his proposed referendum to insert provisions on directors pay into the Swiss Constitution. The Council of States has argued that regulations on the remuneration of […]

UBS investors reject director discharge

UBS shareholders now have six months to decide whether to file actions against the board after voting down the 2007 director liability discharge resolution. A total of 52.8% of shareholders voted against the discharge for 2007 with 46% in support. Discharges for 2008 and 2009 managed to achieve 80% support. “We are accepting this vote and view it […]

Eight Swiss companies to offer say-on-pay votes

Ethos have announced that eight of the 20 companies included in the Swiss SMI Index have now agreed to implement a vote on remuneration issues. In the autumn of 2008, Ethos and eight Swiss pension funds filed a “say-on-pay” resolution requesting an advisory vote on the remuneration reports of five of the largest listed companies […]

Swiss Exchange investigates UBS

The regulatory function of the Swiss stock exchange has begun an investigation into UBS for possible breaches of the rules regarding the publication of price sensitive information. The investigation relates to the period from 2007 to the end of 2008. Further, the investigation will review the company’s 2008 annual report for possible breaches of the […]

Consultation opens regarding pay at Swiss financial institutions

The Swiss Financial Markets Supervisory Authority (FINMA) has opended the consultation period for the Circular on Remuneration Systems, which is expected to enter into force on 1 January 2010. The Circular will have a direct impact on the remuneration systems of the financial institutions concerned. The Circular will aim to ensure that remuneration systems do […]