« Say on Pay » Group of Support Established by Ethos
On 22 September 2008, Ethos and eight Swiss pension funds posted a “Say on Pay” shareholder resolution to the agenda of the 2009 annual general meetings of ABB, Credit Suisse Group, Nestlé, Novartis and UBS asking for an advisory vote on the remuneration report. In order to obtain maximum endorsement, Ethos established a group of support to its resolutions and invites institutional shareholders to join this initiative.
The resolutions presented by Ethos and eight Swiss pension funds require an amendment of the targeted companies' articles of association to give shareholders the competency to cast an advisory vote on the remuneration report. Among the main stock markets, Switzerland is the only country where the legislation does not provide shareholders with any right to express their opinion on executive remuneration. For this reason, action is now needed by shareholders. Through this initiative, Ethos wants to contribute positively to solve the executive remuneration issue.
Ethos invites all institutional shareholders (Swiss and non-Swiss) to join the group of support. In addition to the eight pension funds who co-filed the resolutions together with Ethos, the group of support already includes twelve members.