Reply #7: Shareholders ARE participating more in decisions, but need to do more [View All]

[Dover]

There were many important decisions to be made at this month's meeting, not least of which was the separation of powers within the corporation between chairman/CEO duties. In fact this question was on the voting docket this month at MANY corporate meetings. Here's how votes went at that meeting:

...Coke also addressed questions about finding a successor for Daft, who will resign at the end of 2004. The company has considered "dozens and dozens" and interviewed "several" candidates.

"We will do it in a very short period of time," said Don Keough, board member and chairman of Coke's search committee. "To say any more would be irresponsible."

Also at the meeting, shareholders re-elected the entire board of directors. All of the directors got 96 percent of the vote, except board member and billionaire investor Warren Buffett, who got 84 percent.

On April 18, The California Public Employees Retirement System (Calpers), the biggest U.S. public pension, said it would withhold its vote to re-elect Buffett and several other directors due to what it perceives as their conflicting business relationships with Coke.

Seventy-five percent of shareholders also voted against separating the jobs of CEO and chairman.

Coke's board has also appointed Donald R. Knauss executive vice president. Knauss was named president and chief operating officer of Coke's North American operations in February.