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The campaign for a "Yes" vote recently got an unexpected boost when it emerged that the outgoing board chairman of Swiss drug maker Novartis AG, Daniel Vasella, was due to receive 72 million Swiss francs ($77 million) over five years as part of a deal to prevent him from going to a rival firm. When Vasella -- facing public outrage -- dropped the deal, attention shifted to Edward Breen, the American chairman of Tyco, for reportedly earning 30 million francs last year. Opponents of the initiative warn that approving it would damage Switzerland's competitiveness in the global economy and endanger jobs. So far, no companies have publicly declared they would leave Switzerland if the referendum passes, said Brigitta Moser-Harder, a shareholder activist and backer of the proposal. But Tyco is keeping its options open. "We await the outcome of the vote in Switzerland on Sunday and we will assess the impact at that time," company spokesman Brett Ludwig said Friday. The Swiss proposal comes on the heels of a European Union decision this week to cap bankers' bonuses at one year's base salary except in the case of overwhelming shareholder approval. The idea that shareholders should have a strong say in their company's affairs chimes with Switzerland's tradition of direct democracy. Voters in the country who collect 100,000 signatures can force a binding referendum on any issue.
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