A while back I urged Swiss voters not to use a cap on CEO pay to solve their country's income inequality. In the vote just held, they rejected doing so:
Swiss voters have rejected a proposal limiting the salaries of top executives. About two-thirds of voters said no to the Young Socialists' plan. The aim was to reduce the salary gap to a 1:12 ratio – in other words to limit the salaries of top executives based on the annual minimum wage of the lowest paid employee within the same company.
The vote brings to an end to more than six months of intense campaigning by the youth wing of the centre-left Social Democrats who were backed by trade unions. ...
In the few weeks leading up to the vote, opponents - led by the business community, the government and most political parties - mounted a strong defence of the current wage system.
They warned that approval of the initiative would undermine Switzerland’s competitive edge, result in a shortfall in state revenue and impose unnecessary restrictions on relations between employers and employees in a liberal market economy.
