Nestle moves to comply with new Swiss law over pay

|About: Nestle S.A. (NSRGF)|By:, SA News Editor

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