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Nestle moves to comply with new Swiss law over pay

  • Nestle (NSRGF) plans to change its corporate-governance rules to comply with new Swiss laws, and will allow shareholders to have a binding vote on the aggregate compensation of the company's executive committee and board.
  • Nestle will also enable investors to vote directly for the chairman, and it will hold annual elections for directors; until now, board members have served three-year terms.
  • The food giant cut the compensation of CEO Paul Bulcke by 6.7% to 9.3M Swiss francs ($10.6M) last year after the company missed a long-term sales target and growth slowed.
  • Letter to shareholders
  • Annual report
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