Coca-Cola Co. shareholders approved the company's proposed 2014 executive equity plan by an 83% vote in favor, despite opposition from some major pension funds, according to preliminary results announced at Wednesday's annual meeting.
All nominees for directors were elected by votes ranging from 89% to 99% in favor, even though some pension funds opposed some directors. The director tallies were provided in an e-mail from the company's media relations department following the meeting.
A shareholder proposal calling for an independent chairman of the company was rejected by a vote of 68% against, despite support by major pension funds.
Shareholders ratified a non-binding say-on-pay vote by 90% the executive compensation package for Muhtar Kent, Coca-Cola's chairman and CEO, and other top executives.
The equity plan, which required shareholder approval for adoption, was opposed by the $177.9 billion Florida State Board of Administration, Tallahassee; C$201.5 billion (US$182.6 billion) Canada Pension Plan Investment Board, Toronto; and C$140.8 billion Ontario Teachers' Pension Plan, Toronto.
The $183.3 billion California State Teachers' Retirement System, West Sacramento, supported the equity plan.
FSBA opposed the re-election as director of former Labor Secretary Alexis M. Herman and Barry Diller; CalSTRS opposed the re-election of Ronald W. Allen as director.
The four pension funds supported the independent chairman proposal.