Swiss vote against cap on executive pay

A Swiss referendum on Sunday rejected a move to cap executive pay at 12 times the wage of a firm's lowest earner, according to provisional results aired on local television. The measure had been expected to fail, but the debate has tapped into a vein of discontent among Swiss voters who in March backed rules to rein in golden handshakes, in the wake of high-profile payments to top bosses. Dubbed the "1:12" initiative after the legally-binding ratio it would have set between the top and bottom salaries in a firm, the plan met with stiff opposition from Switzerland's business community and political right.