Voters in Switzerland have rejected a proposal to impose tough restrictions on executives' pay.
In a referendum, 65% of voters opposed the measure, with 35% in favour.
The proposal, known as the 1:12 initiative, would have limited executives' salaries to twelve times that of their lowest-paid workers.
The Swiss government and business leaders had warned that it would deter foreign investment.
The 1:12 initiative was backed by Switzerland Young Socialists, who gathered the necessary 100,000 signatures to call a referendum.
It is the second time this year the Swiss have voted on top salaries; in March they voted overwhelmingly to curb big bonuses, and to ban golden handshakes and goodbye payments.
