ZURICH—Swiss voters overwhelmingly rejected an initiative that would have restricted executive salaries to 12 times that of the lowest-paid employee.

Roughly 65% of Swiss voters Sunday opposed the 1:12 Initiative for Fair Pay, according to results from all of the country's 26 cantons reported by Swiss television. Another 34% supported the proposal, which was named for the organizers' belief that no one in a Swiss company should earn more in a month than someone else makes in a year.

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