Aktuelle Entwicklungen in der Vergütungslandschaft des Finanzplatzes Schweiz: Vergütungen, Marktversagen und Regulierung
Journal
SZW (Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht)
Type
journal article
Date Issued
2012
Author(s)
Abstract (De)
For more than a decade compensation of directors and managers of public companies has been controversially debated in Switzerland. Several new regulations on remuneration have been introduced within the last ten years, including certain rules of the Swiss Code of Best Practice for Corporate Governance and the Directive on Information relating to Corporate Governance of 2002 or the Transparency Act (Article 663bbis of the Swiss Code of Obligations) of 2007. Recently, the subject of board and management compensation has significantly gained momentum due to the popular initiative “against abusive remunerations” of 2008, which, if it becomes law, will affect all public companies in Switzerland. At the same time, the latest financial crisis triggered a new wave of regulations, which mainly pertain to the financial services industry. Of particular importance
in this context is the Circular on Remuneration Schemes of the Swiss Financial Market Supervisory Authority of 2009. After almost four and a half years of parliamentary debate, Switzerland will vote on the popular initiative “against abusive remunerations” on March 3, 2013. If this popular initiative should be refused by the voters, the indirect counterproposal as drafted by the Swiss Parliament will automatically become law, unless a referendum against this counterproposal is called. In view of these developments, the compensation practices of the financial services industry shall be discussed in some more detail. This article initially studies the size and the structure of the salaries rewarded in the largest Swiss financial institutions. In this regard, the compensation of the board of directors and the management team of five Swiss banks and insurance companies of the last five years has been empirically analyzed. The article further examines whether or not a market failure exists with regard to the said salaries. It is however argued by the authors that so far no such market failure could be established in the area of remuneration since the given compensation packages can be explained by numerous market theories. The article finally discusses the legal framework on remuneration schemes and salaries based on the current state of the law and according to the various revision proposals. Particular attention is thereby paid to the Circular on Remuneration Schemes of the Swiss Financial Market Supervisory Authority.
in this context is the Circular on Remuneration Schemes of the Swiss Financial Market Supervisory Authority of 2009. After almost four and a half years of parliamentary debate, Switzerland will vote on the popular initiative “against abusive remunerations” on March 3, 2013. If this popular initiative should be refused by the voters, the indirect counterproposal as drafted by the Swiss Parliament will automatically become law, unless a referendum against this counterproposal is called. In view of these developments, the compensation practices of the financial services industry shall be discussed in some more detail. This article initially studies the size and the structure of the salaries rewarded in the largest Swiss financial institutions. In this regard, the compensation of the board of directors and the management team of five Swiss banks and insurance companies of the last five years has been empirically analyzed. The article further examines whether or not a market failure exists with regard to the said salaries. It is however argued by the authors that so far no such market failure could be established in the area of remuneration since the given compensation packages can be explained by numerous market theories. The article finally discusses the legal framework on remuneration schemes and salaries based on the current state of the law and according to the various revision proposals. Particular attention is thereby paid to the Circular on Remuneration Schemes of the Swiss Financial Market Supervisory Authority.
Language
German
Refereed
Yes
Volume
84
Number
5
Start page
377
End page
413
Subject(s)
Division(s)
Eprints ID
266348
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Name
von der Crone, Jentsch - Aktuelle Entwicklungen in der Vergütungslandschaft des Finanzplatzes Schweiz.pdf
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986.14 KB
Format
Adobe PDF
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