Investor advisory group asks for changes at Coke

04/12/2004 | Financial Times (free content)

A group of investment advisers are asking for changes at Coca-Cola including not re-electing investor Warren Buffett to the company's board and separating the roles of chairman and CEO. Buffett is part of the search team looking to replace outgoing chairman and CEO Douglas Daft, and while the shareholder advisers said their position is not a reflection on Buffett's performance as a director, they expressed concern given his company Berkshire Hathaway has business transactions with Coke. Coke said Buffett's independence is consistent with NYSE standards and that his integrity is "unimpeachable." The company added that its corporate structure already provides counterbalance to the joint position of chairman and CEO.

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