Executive pay subject to more shareholder caution, after recent Swiss vote

     Lots of easy to find, and new, information upon the internet, through looking at Google under Switzerland and new referendums; the one detail I recently found most interesting related to the 2013 federal referendum proposing a limitation upon executive bonuses etc. within Swiss national,  public companies.
     This idea was initiated by an individual, back in 2008. He was upset at the poor performances of some large Swiss companies which had paid its executives very large bonuses.
     After a lot of effort  in obtaining sufficient signatures to put the matter to a vote, and lots of money spent, especially  by opponents of the proposal, and opposition by the Swiss government, it was passed by a 62% majority. Some 1,616,000 people voted in favour, 761,000 against. All 20 full cantons and the 6 half cantons favoured it.
     Other details within the very fulsome web page point out that supporters of the proposal spent 200,000 Swiss Francs, opponents 8 million. Eleven cantons permitted overseas voters to vote online, after the federal council permitted that method.
     What the law does is require not only that shareholders annually approve the election of the president and management board,   but also the bonus schemes and pay plans for the directors, and even loans granted to such employees,  the  durationof employment contracts of executive officers; and approval of severance packages; it even bans corporate proxy, and requires pension funds to disclose the way they vote.
     Such an amazing involvement by the Swiss people in matters which most of us just shrug at, and ignore - often at our financial peril. About 2,500,000 people voted on the issue.
     And it shows that money does not always sway a majority of voters. Now, why could we in Ontario, or Canada, or even our smaller communities, not improve our democracy, and reduce the proven, great frustrations within it, by permitting such voting on issues - where enough people want to vote upon them?  Tell others; tell your member. Changes can happen, if enough people want them. Even upsetting public demonstrations and concomitant law-breaking should be lessened, if democracy by the majority actually could be more available.