Novartis drops 'golden gag' after Swiss public anger
Mounting shareholder anger over executive pay in Switzerland forced drugmaker Novartis today to scrap a Swfr72 million (£50 million) “golden gag” it was proposing to pay its departing chairman.
Daniel Vasella was to receive the mega-payout from Novartis, maker of Savlon antiseptic cream, Tixylix cough mixture and Ritalin ADHD medicine, to keep him from sharing his inside knowledge with competitors over the coming six years after he leaves Novartis this week.
The package was announced last Friday, just two weeks before a Swiss referendum that could give shareholders more power to determine executive pay. But since then, Swiss public anger and complaints from shareholders prompted the Novartis about-turn.
“We believe the decision to cancel the agreement and all related compensation addresses the concerns of shareholders and other stakeholders,” Novartis’ vice-chairman Ulrich Lehner said.
Vasella took home Swfr13.1 million last year. He said: “I have understood that many people in Switzerland find the amount of the compensation linked to the non-compete agreement unreasonably high, despite the fact I had announced my intention to make the net amount available for philanthropic activities.”
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...
£20000 - £25000 per annum + OTE £35K - £45K: SThree: SThree Group have been we...