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Coke supports death squads against colombia trade union { April 22 2004 }

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Coke investors speak out
By Neil Buckley in Wilmington, Delaware
Published: April 22 2004 5:00 | Last Updated: April 22 2004 5:00

If Coca-Cola's executives and directors had hoped they could bask at their annual meeting yesterday in their success at raising profits 35 per cent, they would have been disappointed.

Corporate governance activists in the gilded ballroom of Wilmington's Hotel Du Pont landed at least a glancing blow on Warren Buffett, the billionaire investor, as only 84 per cent of shareholders voted to re- elect him as a director. Other board members got at least 96 per cent support.

A quarter of investors also backed a resolution calling for the role of chairman and chief executive to be split.

The company faced a barrage of questions on its search for a new chief executive, alleged rights abuses in Colombia, its employee diversity policies, the resignation of Deval Patrick, its general counsel, even on where it buys glass bottles. One outspoken protester was dragged out by security.

Though the board was overwhelmingly re-elected, the percentage withholding support was larger than at previous meetings, with more than 15 per cent refraining from backing Mr Buffett, according to preliminary figures.

The California Public Employees' Retirement System, the biggest US public pension fund, and two shareholder advisory services had recommended witholding support for Mr Buffett and several other directors - either because of questions over their independence, or because they had approved the use of Ernst & Young, Coca-Cola's auditors, as a consultant on other matters.

Mr Buffett, who owns 8.2 per cent of Coca-Cola shares, is very influential and seen as instrumental in efforts to bring in James Kilts, Gillette chief executive, to succeed Douglas Daft as chairman and chief executive.

Mr Daft would not comment yesterday on what he called "often ill-informed speculation" over a successor. Don Keough, a member of the search committee, said that it had considered dozens of candidates.

Several shareholders also highlighted allegations from a Colombian trade union that Coca-Cola and its bottling partners condoned and supported right-wing death squads that attacked or intimidated union members. Mr Daft called the charges "false and outrageous".

One investor who forcibly raised the Colombia issue, Ray Rogers, was surprised to be ejected - despite calls from Mr Daft for security guards to "stand down" - when he refused to stop speaking after overrunning his permitted two minutes.




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