Bloomberg

(Bloomberg) -- The Swiss rejected two popular initiatives that would’ve constituted the latest threat to the country’s business-friendly environment.

Voters dismissed a measure that would’ve reduced the pay of Swisscom AG’s chief executive officer by three quarters and also shot down a proposal to establish a universal basic income, according to projections broadcast on Swiss television SRF on Sunday. While surveys indicated the latter would fail, the outcome of the so-called Pro Service Public initiative aiming to improve public services by curtailing the pay of executive at state-controlled companies had been considered too close to call. Official results are due later in the day.

“Our trend calculation clearly says there’s going to be a no,” Claude Longchamp of pollster gfs.bern told SRF, referring to Pro Service Public. As for the basic income measure, he said the proportion of “yes” votes would be only in the low 20 percent.

Plebiscites are a key feature of Switzerland’s direct democracy, with votes typically held four times a year on a wide range of topics, and 100,000 signatures are required to make the national ballot.

For a QuickTake explainer on basic income, click here.

To contact the reporters on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net, Mara Bernath in Zurich at mbernath1@bloomberg.net. To contact the editors responsible for this story: Albertina Torsoli at atorsoli@bloomberg.net, Zoe Schneeweiss

©2016 Bloomberg L.P.

bloomberg

 Bloomberg