The Shareholder ForumTM


"Say on Pay" Proposals

Forum Home Page

"Say on Pay" Home Page

Program Reference


Reuters (as published by Hemscott), September 23, 2008 article


Hemscott: a Morningstar company

Swiss funds demand say on pay at UBS, top firms

LONDON, Sept 23 (Reuters) - A group of Swiss pension funds has demanded a say in the pay policies of the five largest Swiss-listed companies, including UBS AG and Credit Suisse Group AG, an investment group said on Tuesday.

Ethos, a sustainable investment group, said it had joined the campaign alongside eight Swiss pension funds.

Together they have filed a resolution for the 2009 annual shareholder meetings of ABB AG, Credit Suisse, Nestle SA, Novartis AG and UBS requesting shareholders have 'a UK-style advisory vote' on remuneration reports.

An advisory vote allows investors to voice their view on directors pay but companies are not obliged to respond to the result.

The pension funds involved are the schemes for the cantons of Aargau and Jura as well as schemes for the cities of Zurich and Luzern. Also represented are schemes for Geneva's insurance workers, Geneva's teachers and civil servants and for postal service employees in Bern.

Ethos acts as a consultant on sustainable investment issues and sells funds which are managed through Pictet et Cie.

(Reporting by Cecilia Valente; Editing by David Holmes) Keywords: SWITZERLAND PAY/ cmr

23  September  2008


Copyright Thomson Financial News Limited 2008.




This Forum program is open, free of charge, to anyone concerned with investor interests relating to shareholder advisory voting on executive compensation, referred to by activists as "Say on Pay." As stated in the posted Conditions of Participation, the Forum's purpose is to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

The organization of this Forum program was supported by Sibson Consulting to address issues relevant to broad public interests in marketplace practices, rather than investor decisions relating to only a single company. The Forum may therefore invite program support of several companies that can provide both expertise and examples of performance leadership relating to the issues being addressed.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.