Switzerland

724 readers

1 users here now

All things Switzerland!

founded 2 years ago

MODERATORS

[email protected]

Finance minister criticises obstacles to claiming back bonuses (www.swissinfo.ch)

submitted 2 years ago by [email protected] to c/[email protected]

1 comments fedilink hide all child comments

Swiss Finance Minister Karin Keller-Sutter has criticised the legal obstacles preventing company executives' bonuses being reclaimed.

“Today, there are probably too many obstacles to the legal liability of company directors," she told the SonntagsBlick newspaper in an interview published on Sunday.

Asked whether the former directors of the Swiss bank Credit Suisse should repay part of their bonuses, Keller-Sutter said the Swiss Code of Obligations provides for liability. “But the Swissair case shows just how difficult it is to hold certain people to account," she added. "I think this should be looked at closely.”

In March, Credit Suisse was forced into an emergency takeover by rival UBS to avert bankruptcy. The demise of the 167-year-old banking institution sent shockwaves through the global financial system and is viewed as a grave embarrassment in Switzerland.

Keller-Sutter said the public does not want high salaries to be paid without any responsibility being taken. “Bonuses must be designed in such a way that they do not encourage excessive risk-taking,” she said.

The Swiss finance minister has been extremely critical of the Credit Suisse management since the takeover saying they failed to “take responsibility for itself, for its employees, for its clients, but also for Switzerland”.

“We got into this situation because a bank had obviously made the wrong decisions over the years,” she declared last week.

top 1 comments

sorted by: hot top controversial new old

[–] [email protected] 5 points 2 years ago

At the best, it's hypocrite. But, I suggest it's the political agenda with the election next October.

She is from the FDP which losing percentage in the pools. The consequences could be less power and the lost of one seat in the federal council. She want to save her seat and maybe gain 1 or 2% in the election.

We have to correctly remember that the majority votes the laws. This majority is FDP and SVP for the last 30 years pushing for a néolibéral agenda with disregulation, taxe reductions, privatizations and more capitalistic decisions. The FDP and its nowadays twin brother the SVP allowed the banks to pay bonuses in any case. They voted the law so this could happen.

And now, we should believe and trust a member of the federal council who is part of this majority, who is in line with this political agenda that it's not fine. Hypocrite!