CalSTRS plans to take down from its website its disclosure of its votes on proposals at Coca-Cola Co. because the posting “did not represent our intentions,” said spokesman Ricardo Duran.
The $180.8 billion California State Teachers' Retirement System, West Sacramento, “is still considering (how to vote) the ballot,” Mr. Duran said.
Mr. Duran said he doesn't know how the voting came to be posted since it doesn't reflect CalSTRS' views.
As posted, CalSTRS will vote against the pay package of Coca-Cola Co.'s Muhtar Kent, chairman and CEO, and other top executives. It also will vote against the election of all five members of Coca-Cola's board of directors' compensation committee, according to its proxy voting disclosure. But CalSTRS will vote in support of Coca-Cola's proposed 2014 executive equity compensation plan, which requires shareholder approval, and in favor of a shareholder proposal calling for an independent chairman.
CalSTRS holds 6.9 million Coca-Cola shares, according to a CalSTRS Securities and Exchange Commission filing. They are valued at $268 million and account for 0.15% of the company's 4.4 billion shares outstanding.
Coca-Cola's annual meeting is April 23.
