Finance minister questions Raiffeisen board pay rise
Swiss finance minister Ueli Maurer has criticized the board of Raiffeisen bank for awarding itself a 40% pay rise at a time when its former CEO is facing criminal proceedings for suspected corporate fraud.
This content was published on
1 minute
SDA-ATS/jc
In an interview published by the Zentralschweiz am Sonntag and Ostschweiz am Sonntag newspapers, Maurer said he did not understand the decision and that it was not sensible. However, he added that it was not up to the government to interfere.
In early March, Raiffeisen’s former CEO Pierin Vincenz was arrested and put under criminal proceedings for corporate fraud, and the chairman of the board stepped down over the affair.
The troubles at Raiffeisen are unpleasant, and the case harms the entire financial centre, because it damages trust, the minister told the newspapers.
Maurer added that he had not identified any failings in financial market oversight. The bank is also facing proceedings from the Financial Market Supervisory Authority (FINMA).
The minister said he would now wait for the results of the criminal investigation.
Popular Stories
More
Foreign affairs
What Trump’s return or a new Harris administration would mean for Switzerland
Should raw milk sales be banned or should consumers decide?
Swiss food regulations do not allow raw milk to be sold for direct consumption. However, a loophole allows 400 raw milk vending machines to do just that.
Is reforming the Swiss pension system still possible, and if so, how?
Solutions still need to be found to meet the challenge of an ageing population and to improve the pensions of low-paid workers, the majority of whom are women.
This content was published on
Czech President Petr Pavel and his wife, Eva Pavlova, arrived in Switzerland on Tuesday at the start of a two-day state visit.
Study shows proliferation of non-native plants is driver of insect invasions
This content was published on
A global study has revealed that insect invasions are being driven by the proliferation of non-native plants. This can can massively disrupt ecological processes, often leading to serious economic impacts.
Swiss set record for world’s longest hyperloop test
This content was published on
Swiss scientists have established a record for the longest-ever hyperloop journey at a facility in Lausanne, Switzerland.
This content was published on
The Swiss army wants to purchase new German armoured howitzers to replace its existing artillery system which has been in operation for over 50 years.
Poll suggests Donald Trump has many fans in Switzerland
This content was published on
Around a quarter of Swiss citizens would vote for Donald Trump if they had the chance, according to a recent poll. This percentage is higher than in many other European countries.
Swiss court rejects special assistance for student with disabilities
This content was published on
The Swiss Federal Court has rejected an application for special assistance from a student with disabilities at the federal technology institute ETH Zurich.
Police arrest 15 drug dealers in Verbier in southern Switzerland
This content was published on
Swiss and French police have arrested 15 suspected drug dealers operating in the mountain resort of Verbier in southern Switzerland.
New European space tech centre in Switzerland launches its first project
This content was published on
The European Space Deep-Tech Innovation Centre (ESDI), launched in collaboration with the Paul Scherrer Institute (PSI), is to be located in the immediate vicinity of the PSI in northern Switzerland.
Swiss Federal Railways launches campaign for safety on public transport
This content was published on
The Swiss Federal Railways is launching a campaign for greater respect and safety on public transport, with posters to go up in stations and on trains starting next week.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Raiffeisen chair resigns over scandal-tainted former CEO
This content was published on
A statementExternal link released by the bank on Thursday, said the move was intended to “preserve the long-term credibility of the bank”. Rüegg-Stürm’s resignation “will open the path to renewal of the board” it added. Board vice-president Pascal Gantenbein will assume interim charge of the board until a replacement can be found. “My priority task…
Former Raiffeisen boss Vincenz faces criminal probe
This content was published on
“Raiffeisen is therefore making a maximum contribution to the complete clarification of all processes,” the bank said in a statement on Wednesday. Vincenz has been dogged by suspicions of conflict of interest during his tenure as Raiffeisen boss, during which he personally invested in subsidiaries of the banking group. There have also been questions surrounding…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.