And the second load of text is going to need some clarification...who's saying no, and calling the swiss stupid?
The company who held the gold did. They paid taxes so the canton did too. The canton used that money to make life better for the residents, who therefore also benefitted. If they had such a big problem with it (it wasn't a huge secret, the government whether federal or cantonal would have known), surely they would have let the canton know and done something about it? The swiss political system allows specifically for such instances.
I would put the odds of a multinational relocating out of Switzerland solely because of executive comp reform at less than 1%. multinationals are not located in Switzerland because they want to ensure max pay for their execs, but rather because of the tax efficiencies.
there are rumors of a trend for multinationals to evaluate other HQ jurisdictions in Europe, but it is has nothing to do with 1:12 and almost everything to do with the increasing scrutiny that Switzerland is getting as a tax haven. some of it is also driven by the fact that Switzerland is 50% more expensive than other countries in Europe, and made even more expensive by the fact that multinationals have to bring in talent from elsewhere and then pay them Swiss salaries and benefits.
Disagree with your 1% assessment. CEO`s have very large says in where they are located and if they HAVE to move it so they can get their pay packet they will. I think they would try and work around it first and if they had to they will move it.
I agree other venues are being looked at especially with the cost of salaries paid in Switzerland. I know of at least one office upped and moved because the Americans saw the salaries and pushed through a move out of pure jealousy, without evaluating all the costs and benefits.
Switzerland did not know about this, even if some people knew. This even applies to much of the Federal government and much of the Cantonal governments. The banks always played innocent and so did those in charge in political office
Known to many was the fact that the Germans could send hundreds of cargo-trains per night to Italy on about three or four routes. The waggons got sealed by the German customs offices and DE.-sealed by the Italian customs offices
Glencore is registered as AG in Switzerland, so stricly legally IS a Swiss company, while it in reality is not. Strictly legally, Liechtenstein has more companies than France, for example.
Glencore employs 62'000 employees, and of these 2'000 are in Switzerland, the other 60'000 at 19 places in 12 other countries
and THIS
http://www.hrazg.ch/webservices/net/...smx/SearchFirm
Glencore (Asia) AG in Baar , AG, +++ , CH-170.3.009.373-7 , PDF
Glencore (Europe) AG in Baar , AG, +++ , CH-170.3.016.461-1 , PDF
Glencore (Far East) AG in Baar , AG, +++ , CH-170.3.006.433-0 , PDF
Glencore (South East Asia) AG in Baar , AG, +++ , CH-170.3.015.833-6 , PDF
Glencore AG in Baar , AG, +++ , CH-170.3.008.550-5 , PDF
Glencore Biofuels AG in Baar , AG, +++ , CH-170.3.035.827-2 , PDF
Glencore Exco AG in Baar , AG, +++ , CH-170.3.036.870-6 , PDF
Glencore Finance AG in Baar , AG, +++ , CH-170.3.016.971-2 , PDF
Glencore Financial Services AG in Baar , AG, + , CH-170.3.027.908-1 , PDF
Glencore Gastroservice AG in Baar , AG, +++ , CH-170.3.020.233-4 , PDF
Glencore International AG in Baar , AG, +++ , CH-170.3.012.738-3 , PDF
Glencore International plc, St. Helier, Baar Branch in Baar , Ausl. ZN, + , CH-170.9.001.469-4 , PDF
Glencore Investment AG in Baar , AG, +++ , CH-170.3.017.739-6 , PDF
Glencore Minera AG in Baar , AG, +++ , CH-170.3.012.494-8 , PDF
Glencore Mining AG in Baar , AG, +++ , CH-170.3.012.493-2 , PDF
Glencore Oil Projects AG in Baar , AG, +++ , CH-170.3.016.588-3 , PDF
Glencore Proline AG in Baar , AG, + , CH-170.3.028.214-3 , PDF
Glencore Trading AG in Baar , AG, +++ , CH-170.3.011.759-2 , PDF
here shows that it legally is NOT just ONE but quite many legally different companies already. Nobody can stop directors to earn 12 different salaries in 12 different companies so that such threats are simply propaganda
The "Abzocker" initiative is an entirely different beast. It basically gives stockholders (i.e. the owners) more power over management compensation, which is generally a good thing.
The 1:12 initiative however would seriously interfere with freedom of contract and damage Switzerland's reputation of being a place of legal certainty.
Further, it would hurt tax and AHV revenues due to progressive tax scales and the fact that AHV pensions are limited to relatively low amounts while there's no limit to the contributions.
This is indeed what many expect to happen should the 1:12 initiative pass. Functions below the 1:12 limit will be moved into a service company separate from the main company - or will simply be outsourced.
The model is already there - many of the larger companies have already moved non-core positions to service companies - cleaning, cafeteria, mail room, payroll, etc. Now one can expect support functions closer to the core - IT, back office, R/D etc. to do so as well.
(So if you are a junior employee, your chance of moving up the corporate ladder in a Swiss company would be limited... because there is no more ladder.)
I'm truly curious - what do the promoters of this initiative expect to achieve? They cannot be so naive as to think that salaries for the bottom rung would be increased beyond the merit of the position. Afterall, at the lower rungs salaries in Switzerland are already far above what similar positions command in pretty much the rest of the world, while in the financial sector (I assume this is the target of the initiative) top-talent salaries are actually low in comparision to NY, London and other major centers.
So what benefit to Switzerland is this initiative supposed to bring about? I truly do not understand what 'collective good' this initiative is supposed to bring about... while I see the risks to Swiss society all too clearly.
There is talk of the service company loophole getting closed
If so expect an increase in flights to Amsterdam / Luxembourg as senior / well paid staff jet off for 3 days each week.
Personally I would prefer mr Battle-kitten to move us all to Singapore. I hate the inter-country commuting
Hardly. The initiative can't be changed/extended at this point anymore. The current text of the initiative will be approved or declined by the voters. Nothing else.
If the initiative should be approved, the legislature would have to work out the details by creating a new law or adapting existing ones. Considering that the leftists (SP, Green party) don't have a majority in neither chamber of the parliament it's highly unlikely that the law will go any further than the initiative requires.
The two initiatives are completely different things, true enough. But the propaganda from the corporate side is the same again.
But Baar IS in Zug
[](http://www.google.ch/imgres?imgurl=http://www.sso-zug.ch/images/karte_zug.gif&imgrefurl=http://www.sso-zug.ch/patienten/suche_zaz.html&h=409&w=471&sz=19&tbnid=DF1bkUnC5l35UM:&tbnh=85&tbnw=98&zoom=1&usg=__qrhHwyz5fDojZkYQYSJ8uwWG51s=&docid=LsM8OWz4G0pkSM&hl=de&sa=X&ei=61uNUf6TC4qC4ATNwIC4Bg&sqi=2&ved=0CDkQ9QEwBA&dur=1963) in the Canton of Zug
Thank you. We had a different briefing but that is good news. Anyway we will cross that bridge etc etc
I'm pretty sure that the socialists that came up with the initiative talk about even more stupid ideas on how to regulate the Swiss economy to death. But as I wrote above, that would take quite a long time as it would most likely require a new initiative.
Strange is that the rightwing SVP by launching a rightwing-set of new laws is on the same path as the "Socialists". There not only already are too many laws in Switzerland, but exactly the SVP supports the idiocy to push as many laws as possible in the constitution.
As the Eco-Suisse people take the same dull approach again as with the AbzockerInitiative, the new one will be approved. NOT because people really believe it to have a very good effect but to show that the economic leadership no longer can count on the effect of their propaganda.
I mean, look at Absynthe ! The law against was dropped in parliament, but not the article in the constitution. The same will happen to the rubbish against the Minarets. Or look at that new law saying that foreigners who committed heavy crime are to be deported. First of all, what is heavy crime. Mr Mörgeli before the vote said that burglary is NOT but now says it IS. And law here has principles like Verhältnismässigkeit & Rücksichtsnahme , ideas
You speak about the socialists. Reality however is that exactly cities with a heavy left-wing-socialist presence like Winterthur, Zürich etc are commercially successful ..................