ATLANTA (dpa-AFX) - Wintergreen Advisers, LLC said Monday that it believes the approval of the proposed 2014 Coca-Cola Co. (KO) Equity Plan will harm the returns of all Coca-Cola shareholders.
In its second letter to to Coca-Cola's largest shareholder, Warren Buffett, CEO of Berkshire Hathaway (BRK.B), Wintergreen Advisers said, 'We do not believe it would be consistent with Berkshire's long ingrained culture to support such a plan at any of your equity holdings, much less one worth nearly $16 billion. If the proposed 2014 Coca Cola Equity Plan were to be approved by its shareholders, the implication for investment returns in our country may be devastating.'
'We believe that Coca-Cola's proposed 2014 Equity Plan is bad for Berkshire Hathaway, bad for Coca-Cola, and bad for the investment outlook for U.S. companies. This is a moment in time when America again looks to you to continue to stand up for what is best for our corporations and our country, just as you have talked about and done for decades. Coca-Cola and Berkshire shareholders, and in reality all of America, are counting on you to demand that shareholders be treated as partners instead of piggy banks,' David Winters, CEO of Wintergreen Advisers, wrote in the letter.
Coca-Cola's annual shareholders' meeting is scheduled on April 23.
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