Voters in Switzerland have rejected a proposal that would have limited executive pay to 12 times that of the lowest paid employees in their companies.
The referendum saw 65.3% vote against the plan and 34.7% in favour.
Companies with their base in Switzerland include Novartis and Roche, insurance groups Zurich and Swiss Re, and UBS and Credit Suisse.
The BBC reports the rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries.
It was the second time this year that Swiss voters have been balloted on the issue.
Another referendum on a guaranteed minimum wage will be held early next year.