Wintergreen Advisers today released the following statement by David Winters: “Coca-Cola (NYSE: KO) has finally conceded that the equity compensation plan it put to a vote of shareholders in April was outrageously excessive and inconsistent with past plans. This has been Wintergreen Advisers’ publicly expressed view since we first read Coca-Cola’s proxy statement in March of this year. No amount of backtracking by the Coca-Cola board of directors can hide the fact that we believe it tried to sneak one by shareholders in Coca-Cola’s proxy materials and statements at the April shareholder meeting. Today’s statement by Coca-Cola only calls into question the competence and leadership of the board of directors and management. Much more work has to be done to revitalize Coca-Cola and restore trust in the company.”
Wintergreen Advisers today renewed its call for The Coca-Cola Company (NYSE: KO) to withdraw its 2014 Equity Plan in light of new disclosures about significant shareholder opposition to the plan.
Citing persistent weakness in revenue and net income at The Coca-Cola Company (NYSE: KO), Wintergreen Advisers today presented an eleven-point plan to revitalize the company. The Wintergreen Advisers plan was shared in early July with Coca-Cola’s largest shareholders and is available today to the public on a new website, www.FixBigSoda.com, devoted to sharing information on improving Coke’s governance and business performance.
Wintergreen Advisers has sent the following letter to the Coca-Cola Company’s (NYSE: KO) largest shareholders, further detailing operational and governance issues at the company. In the letter, Wintergreen Advisers discusses how to fix the Coca-Cola Company by answering the question, “what would Coca-Cola look like if it were a well-run company with a focus on shareholder returns?” Wintergreen Advisers CEO David Winters said, “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.”
Citing its concern about possible conflicts of interest at The Coca-Cola Company (NYSE: KO) amid media speculation that 3G Capital and Berkshire Hathaway may be planning a transaction to take Coca-Cola private, Wintergreen Advisers today released the following letter. It is addressed to the independent directors who chair Coca-Cola’s Audit, Compensation, and Governance Committees and urges them to address these conflicts and take steps to exercise their fiduciary duty with regard for all shareholders.
Institutional Shareholders Services (“ISS”), the leading provider of proxy research and voting recommendations, gave Coca-Cola a “red flag” with regard to their pay for performance. On a scale of 1 to 10, with 10 being the highest risk and worst score, Coca-Cola scored an 8 for “Compensation” and a 7 for “Board Structure.” Wintergreen Advisers believes this points to serious governance issues at Coca-Cola.
Wintergreen Advisers today released the following letter, which was sent to the directors of The Coca-Cola Company (NYSE: KO) and Berkshire Hathaway (NYSE: BRK.A, BRK.B). In the letter, Wintergreen Advisers states its belief that the Boards’ recent actions are utterly inconsistent with the well-defined fiduciary duties that they owe to their respective shareholders.
Wintergreen Advisers today issued the following statement: After several weeks, Coca-Cola (NYSE: KO) appears to be taking seriously the issues we raised regarding its equity plan in our first letter to Coca-Cola’s Board and Warren Buffett on March 21st.
Wintergreen Advisers sent a letter to Coca-Cola’s Board of Directors and Warren Buffett raising questions about the actions of Coca-Cola Chairman and CEO Muhtar Kent, Director Howard Buffett and Director Maria Elena Lagomasino, and statements made by the company in connection with the shareholder vote on the Coca-Cola 2014 equity plan.
- 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