Majority of the shareholders in Roche approved during their first gathering in Basel, Switzerland the company's pay plans which shareholder group Ethos had called its investors to reject.
The decision came after the voting made by Swiss citizens to implement some strict limitations executive pay, measures that according to opponents would prevent international talents from coming inside the country and would spoil its competitiveness.
Roche's chairman Franz Humer said in a statement that the company will make amendment of its practice accordingly after its review of what legislation is passed, adding that there would be an annual election of board members and the chairman.
The Swiss law is designed to ban huge rewards for arriving and department managers or executives in the country. It also prohibits managers from receiving bonus payments once their companies are bought or purchased.
Join the Conversation