David Winters talks to Maria Bartiromo about the letter that Wintergreen Advisers sent to The Coca-Cola Company on February 3, 2015, regarding Coca-Cola’s secret “bonus shares.” Winters said, “Only in a document, which wasn’t mailed to shareholders, is there a mention of shares that they can issue with no criteria, in an unlimited amount.”
David Winters discusses why he is not satisfied with the changes announced by Coca-Cola for their 2014 equity compensation plan. Winters said, “We’re thrilled that Coca-Cola has acknowledged and conceded that what they did was wrong. And now, there is an opportunity for further progress at Coca-Cola.”
David Winters discusses ongoing issues at Coca-Cola with CNBC’s Scott Wapner, Kayla Tausche, and Josh Brown. Regarding Coca-Cola’s decision to revise their equity compensation plan, Winters said, “It is a move in the right direction. It is Coca-Cola’s public admission that the plan was a bad plan, and what they have told shareholders over the last many months was incorrect.”
Speaking from the site of the 2014 Berkshire Hathaway Annual Meeting in Omaha, NE, David Winters tells CNBC’s Becky Quick that he was “absolutely stunned” when he learned about Coca-Cola’s equity compensation plan for executives. He also urged the beverage giant to withdraw the “extreme overreaching” plan, saying it raised questions about Coke’s corporate governance.
Following Coca-Cola’s Annual Meeting on April 23, 2014, Warren Buffett was interviewed by CNBC’s Becky Quick about his decision to abstain from voting on Coca-Cola’s controversial equity compensation plan, even though he thought the plan was “excessive.” He also discusses why he didn’t publicly voice his concerns about the plan like Wintergreen Advisers CEO David Winters did, and why he has voted in favor of compensation plans in the past even when he did not agree with them.
- Bloomberg, “Coca-Cola Cuts CEO Kent’s Pay After Revamping Equity Program”
- The Wall Street Journal, “What Is Coke CEO’s Solution for Lost Fizz? More Soda,” By Mike Esterl
- Seeking Alpha, “CEO Pay At Coca-Cola: Up Or Down?” By Paul Hodgson
- David Winters discusses Coca-Cola’s secret “bonus shares” with Maria Bartiromo on Fox Business
- Benefit of Coca-Cola’s Equity Compensation Guidelines Enacted After Public Pressure from Wintergreen Advisers: $6.6 billion to $21 billion
- Wintergreen Advisers Comments on Shareholder Opposition to Coca-Cola’s Executive Pay
- Wintergreen Advisers Cites Changes in Coca-Cola Proxy, But Big Issues Remain
- Wintergreen Advisers Poses Questions for Coca-Cola