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The draft decree, which will eventually be added the constitution, also included an obligation for Pensionskassen to exercise their voting rights – a requirement opposed by many experts and pension funds. Interested parties now have until 28 July to comment on the draft law in German presented by the Swiss Justice Ministry before the weekend.
In line with the demands set out in the Minder Initiative, the government wants to oblige pension funds to exercise their shareholder voting rights at AGMs. However, it said it would also allow schemes to abstain or not take part in votes at all if it is "in the interest of the pension fund members".
The new regulation is set to come into effect from January 2014, after which point Pensionskassen will have one year to comply.
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