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Ordinance against Excessive Compensation with respect to Listed Stock Corporations

Switzerland Current 2013

The Ordinance against excessive pay in stock exchange listed companies requires such companies to publish a remuneration report (also known as a compensation report) covering the compensation granted to directors, executives and advisory board members presented to shareholders for approval at the annual general meeting.

Issuer name

Federal Department of Justice

Government ministry notes

justice and police

More information

Criminal provisions of the Ordinance's final draft "are more nuanced, with penalties aligned more closely to the illegality of conduct in each case. Provision for the maximum sentence of three years' imprisonment and a fine now applies only if members of the board of directors, executive board or board of advisors make or receive unlawful payments. They must also have been acting "against their better knowledge", i.e. with direct intent."

Organizations covered by the instrument

Large private and listed companies

Target organization notes

Listed companies and pension institutions

Industry scope

All/none specified

Disclosure venue

Remuneration report

ESG coverage- G (Governance)


ESG coverage- Eco (Economic & General)

Indirect economic impacts







Date of publication


Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary


The geographical scope


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