• “Wintergreen is ecstatic that Coca-Cola finally took action on our analysis of Coke’s bloated equity bonus plan.”

    David Winters, 3/10/2016, Bloomberg
  • "He [David Winters] had a good point about the level of the number of shares involved in the option program or restricted stock program, and the period over which it would be issued.  So like I said .... I agreed with him that that policy should be modified in some way."

    Warren Buffett, 5/4/2015, CNBC
  • “Good corporate governance also helps to remind the company’s directors that they work for the company’s shareholders, not for themselves, and certainly not for management.”

    Luis A. Aguilar, SEC Commissioner, 4/21/14, Emory University School of Law
  • "Instituting good corporate governance is difficult, if not impossible, at a company that ignores its shareholders."

    David Winters, 5/7/2014, letter to Coca-Cola Board of Directors
  • "As investment adviser with a fiduciary duty to our longtime shareholders, we are deeply concerned that Coca-Cola is becoming known not for great products but for excessive management compensation, the trampling of shareholders’ interests and a willful disregard for the valid concerns of its largest shareholder."
    David Winters, 5/1/2014, letter to Coca-Cola Board of Directors
  • "He [David Winters] had a good point about the level of the number of shares involved in the option program or restricted stock program, and the period over which it would be issued.  So like I said .... I agreed with him that that policy should be modified in some way."

    Warren Buffett, 5/4/2015, CNBC
  • "Coca-Cola and Berkshire shareholders, and in reality all of America, are counting on you to demand that shareholders be treated as partners instead of piggy banks."
    David Winters, 4/16/2014, letter to Warren Buffett
  • “Wintergreen is ecstatic that Coca-Cola finally took action on our analysis of Coke’s bloated equity bonus plan.”

    David Winters, 3/10/2016, Bloomberg
  • “Some major institutional investors that supported the plan might have reconsidered had they known other pension funds opposed it and known Warren Buffet thought the plan was 'quite excessive.'”

    Pensions & Investments , 5/12/14, “Winning Over Proxy Voters”
  • “We didn't agree with the plan. We thought it was excessive. And—I love Coke. I love the management, I love the directors. But— so I didn't want to vote no. It's kind of un-American to vote no at a Coke meeting .”

    Warren Buffett, CEO of Berkshire Hathaway, 4/23/14, CNBC
  • "He [David Winters] had a good point about the level of the number of shares involved in the option program or restricted stock program, and the period over which it would be issued.  So like I said .... I agreed with him that that policy should be modified in some way."

    Warren Buffett, 5/4/2015, CNBC
  • “I told him (Muhtar Kent) ahead‐of‐time what we were going to do, sure. He knew if I abstained that I obviously wasn't for the plan.”

    Warren Buffett, CEO of Berkshire Hathaway, 4/23/14, Bloomberg TV
  • “This plan actually is very much in line with the plans that we have put forward to shareowners in the past, and that have had shareowner approval.”

    Gloria Bowden, Associate General Counsel and Secretary of The Coca-Cola Company, 4/4/14, CNBC
  • “The plan—compared to past plans was a significant change.”

    Warren Buffett, CEO of Berkshire Hathaway, 4/23/14, CNBC

Benefit of Coca-Cola’s Equity Compensation Guidelines Enacted After Public Pressure from Wintergreen Advisers: $6.6 billion to $21 billion

On March 21, 2014, Wintergreen Advisers (“Wintergreen”) objected to what it viewed as an excessive equity compensation plan and initially brought this topic to the public’s attention. After much effort from Wintergreen, and with the agreement of certain shareholders that the equity compensation plan was not in the best interests of Coca-Cola shareholders, Coca-Cola issued guidelines which substantially reduced the dilutive effect of the equity compensation plan.

By our calculations, we believe the equity compensation guidelines enacted by Coca-Cola after public pressure from Wintergreen has resulted in savings to shareholders of approximately $6.6 billion to $21 billion. This is what we believe to be the difference between what Coca-Cola would have granted under the equity compensation plan as originally conceived and what we expect Coca-Cola to grant under the equity compensation guidelines.

About Wintergreen Advisers

Established in 2005, Wintergreen is an independent global money manager that employs a research-driven value style in managing global securities. As of December 31, 2015, Wintergreen Advisers had approximately $950 million under management on behalf of individuals and institutions through its mutual fund and other clients, and is based in Mountain Lakes, New Jersey.

For further information on Wintergreen Advisers, please call 973-263-4500 or visit www.wintergreenadvisers.com.  Additional information regarding what we view as the issues at The Coca-Cola Company may be found at www.FixBigSoda.com.  For information, forms and documents regarding our U.S. mutual fund, please visit www.wintergreenfund.com.