ZURICH (Reuters) -A Swiss parliamentary committee on Tuesday said it had voted to amend a motion on pay curbs for bankers, replacing a contentious plan to cap their remuneration at 5 million Swiss francs ($6.20 million) with a pledge to ensure incentives are not skewed in future.
Bonuses should be withheld in the absence of business success, the lower house economic affairs and taxation committee said in a statement, while limiting the proposed rule to systemically important banks like UBS.
The amendment comes amid a contentious debate on how to regulate UBS, the country’s biggest bank. It removed the pay cap from the motion barely two weeks after the United States imposed some of its highest import tariffs on Switzerland.
The motion to police bankers’ pay must still be voted on by both houses of parliament.
($1 = 0.8069 Swiss francs)
(Reporting by Ariane LuthiEditing by Dave Graham)
