The Swiss Code of Obligations (Art. 330b) has recently been amended to the effect that an employer shall inform his employee in writing at the latest one month after the beginning of the employment relationship on all details relevant to the employment contract. The duty to inform in writing applies to all employment contracts that have been entered into for an indefinite period of time or for more than one month. The new provision also applies to amendments to the employment contract that occur during the contract periods.

Code of Obligations: Art. 330b – text

Duty to inform

¹ If the employment relationship has been entered into for an indefinite period of time or for a duration of more than one month, the employer shall inform the employee at the latest one month after the beginning of the employment relationship about:

a. the names of the contracting parties;
b. the date of the beginning of the employment relationship;
c. the function of the employee;
d. the wage and wage supplements, if any;
e. the weekly working hours.

² If elements of the contract subject to the information duty according to paragraph 1 change during the employment relationship, such changes shall be communicated in writing to the employee at the latest one month after having taken effect.
 

June 2006 

New Swiss corporate transparency rules

Companies listed on a stock exchange shall disclose the remuneration paid to their members of the board of directors and executive board. The Federal Council will put the new provisions (Code of Obligations Art. 663) into force on January 1, 2007.

The new law will apply to the business year beginning with or after these transparency rules enter into force. Companies shall publish in their notes to the balance sheet the total amount of the remuneration and benefits granted to current and former members of the board of directors and the executive board, as well as to persons close to them. Moreover, they shall list any compensation paid to the members of the board of directors individually and the highest compensation paid to a member of the executive board.

Loans, if any, granted to executives shall be disclosed, as well as the participations held in the company by members of the board of directors and of the executive board and by persons close to them.
 

June 2006