• "It increasingly appears to us that there are substantial conflicts of interests, extensive governance issues and perhaps plans to take Coca-Cola private."
    David Winters, 6/17/2014, letter to Coca-Cola Board of Directors
  • “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
  • “Although Coca-Cola claims that its corporate governance is ‘Best in Class,’ there has been no progress to withdraw the 2014 Equity Plan which in our opinion reflects a failure of corporate governance and which could massively dilute shareholders while rewarding the top 5% of management for mediocre performance.”

    David Winters, 7/22/14, comments following Coca-Cola's second quarter earnings
  • "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
  • “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
  • “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
  • "Events over the past few months, leading up to and after the annual meeting of Coca-Cola shareholders, have given rise to grave concerns at Wintergreen Advisers regarding potential conflicts of interests at Coca-Cola."
    David Winters, 6/17/2014, letter to Coca-Cola Board of Directors
  • “If there is significant opposition to the proposed equity plan, we believe the Coca-Cola board should consider whether it has a sufficient mandate from shareholders to fully implement the plan."
    David Winters, 4/22/2014, letter to Coca-Cola Shareholders
  • “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

Coca-Cola is a company with incredible potential around the world and some of the most valuable consumer brands ever created. Its shareholders deserve leadership that respects and honors the iconic nature of the company and is willing to do what it takes to restore Coca-Cola to the great company that we know it to be. We have outlined a few modest steps that we believe are essential to returning value to Coca-Cola. If the current board of directors and management team are unwilling or unable to get Coca-Cola back on the path of profitable and organic growth that accrues to all shareholders, they should be replaced. Coca-Cola and its shareholders deserve nothing less.

How to Fix Coca-Cola