Switzerland in Europe by Trampusch Christine;Mach André;

Author:Trampusch, Christine;Mach, André;
Language: eng
Format: epub
Publisher: Taylor & Francis Group

Notes

1 Another important dimension is employee participation in firm-level decision making, which is discussed by Oesch in this volume.

2 In general, banks were very ‘docile’ voters at the AGM. The Swiss Bankers’ Association suggested to its members in various guidelines issued since the early 1970s that they always exercise their proxy votes in favour of the board's proposals. These guidelines were changed only in 1991 when the new Stock Corporation Law introduced more restrictive rules on proxy votes, giving the shareholders’ voting instructions absolute priority (see David et al. 2010).

3 Keeping foreign investors at bay was one of the central purposes of the insider-oriented system of corporate governance in Switzerland throughout the twentieth century. As an example, many Swiss companies had a clause in their articles which simply denied foreign investors the right to buy registered stock.

4 Before the adoption of the SESTA, Swiss stock exchanges were regulated by very lax cantonal laws and self-regulation.

5 One exception from this assertion was Implenia – a major contracting business – who successfully fended off a hostile bid by Laxey Partners using Vinkulierung in order to deny the ‘raider’ the right to exercise its voting rights.

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