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The planned payments far exceed the extent of likely future damages because they overstate the potential for future losses, the company insists in a strongly worded 24-page document that was posted on the fund's Web site Thursday morning.
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They also contended that the planned payment was just the latest of several bad decisions by Novartis on executive pay.
Swiss lawmakers and shareholder activists criticized the company over the weekend and on Monday for not making the amount of the planned payment public earlier.
The size of the planned payment, which was revealed last Friday, had outraged investors just two weeks before a Swiss referendum to give shareholders more power to determine executive compensation.
The ECB also agreed to give banks from EU countries that are not in the single currency almost full access to Target, the euro-zone's planned payments system.Russia's attempts to sell Rosneft, the country's last big oil company to be privatised, seem to have foundered once again, after British Petroleum followed Royal Dutch/Shell in withdrawing from the bidding.
Many social enterprises have been concerned that the government's planned payment by results regime for public services will set small charities at a disadvantage.
Investors expect a more ambitious fiscal target, raising the planned primary budget surplus (before interest payments) from 3.75% of GDP to 4.5% or so.
Those payments will help finance the planned $3.5 billion of share buybacks for Liberty shareholders, including former Virgin investors.
These "efficiency savings" will be to departmental spending rather than cuts to benefits payments and are separate from the planned £12bn in welfare cuts, the details of which have yet to be revealed by the government.
The main economic agri-environmental measures that will be considered in this paper are centrally-planned payment schemes and market-oriented payment schemes.
These include: centrally-planned payment schemes, market-oriented schemes, taxes and charges, eco-labeling, tradable permits, etc.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com