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.

Read our analysis: Benefit of Coca-Cola’s Equity Compensation Guidelines Enacted After Public Pressure from Wintergreen Advisers