November 25, 2013 |
Swiss voters soundly rejected a plan Sunday that would have limited executive compensation to no more than 12 times the lowest-paid employees' pay. The measure, known as the "1:12 initiative," was defeated 65.3% to 34.7% even amid wide public disapproval of excessive executive pay. But despite that negative sentiment, the proposal seemed to be a step too far for the majority of voters. The plan, an effort by Switzerland's Young Socialists, was rejected by voters and all 26 cantons, or states, in the country. PHOTOS: Richest and poorest cities in America The measure would have needed a majority of votes from both voters and the cantons to pass. Switzerland is home to large multinational companies including pharmaceutical firms Novartis and Roche, banking firm UBS and Credit Suisse. The country has fewer regulations than many other European countries, which is partly why large corporations are headquartered there. Critics had warned that imposing the pay law would have hurt economic competitiveness.
May 27, 2013 |
Viacom Chairman Sumner Redstone celebrated his 90th birthday Monday. Friends, family and business associates had planned a surprise Memorial Day birthday party in Los Angeles for the media mogul, even though Redstone has never been a big fan of birthdays -- or surprises. Not to worry. Redstone has plenty of reasons to celebrate this year. Just last week, Viacom stock hit an all time high. Redstone also received an early birthday present from Viacom's board, of which he serves as chairman.
April 26, 2013 |
Netflix Chief Executive Reed Hastings received about $5.5 million in total compensation last year, a 40% drop from 2011, when his package was valued at $9.3 million. But Hastings' salary -- like the company's image -- is on the rebound. He is set to receive $2 million in pay this year, four times what he collected in 2012. His stock option allowance will increase to $2 million; up from $1.5 million last year. Hastings also realized a gain of about $8.4 million last year from the exercise of prior years' option grants, according to regulatory filings.
April 15, 2013 |
The nation's fourth biggest oil company, Occidental Petroleum Corp., is primarily involved in oil and natural gas exploration and production. It is also a major manufacturer of oil-related chemicals. The Westwood company said its domestic production of oil and natural gas rose to the equivalent of 475,000 barrels of oil a day at the end of 2012, setting a record for the ninth straight quarter. But Occidental's stock performance hasn't been as good as that of others in the industry.
CALIFORNIA | LOCAL
August 23, 2012 |
On his receipts, the acting director of a Monterey County public hospital district appeared to be paying a luxury car service to ferry him to and from the airport as part of his weekly commute. But Lowell Johnson, interim chief executive at the Salinas Valley Memorial Hospital, was actually paying his daughter for those rides, $50 each way. He then turned in receipts to the hospital district labeled "Airport Town Car. " The district paid him nearly $4,000 in reimbursements for the trips during his first 12 months on the job, according to records.
August 11, 2012 |
Nonprofit insurer Blue Shield of California said its outgoing chief executive earned $4.6 million last year, off slightly from a year earlier, as all insurance companies faced new government rules on how customer premiums are spent. Bruce Bodaken, Blue Shield's longtime chairman and chief executive who plans to retire at year end, earned $38,348, or 1%, less than he did in 2010. The San Francisco company declined to comment on the value of Bodaken's retirement pay and benefits or to reveal the pay package of his successor.