N.Y. State Pension Fund, Coca-Cola in Pact on Executive Pay
07 March 2020 - 3:17AM
Dow Jones News
By Colin Kellaher
The third-largest U.S. public pension fund said it is
withdrawing a shareholder resolution on executive pay at Coca-Cola
Co. after the beverage giant agreed to consider the wages it pays
all of its employees when setting executive salaries.
The New York State Common Retirement Fund said pay for corporate
executives has dramatically outpaced wages for most other employees
in recent years, and that it is encouraging companies to adopt
compensation policies that take their entire workforce into
consideration.
The fund said Coca-Cola agreed to add language to its proxy
statement that says the compensation approach used to set executive
pay will be the same approach used in determining compensation for
the broader workforce.
"I commend Coca-Cola for taking this step to help ensure that
pay for its top executives is in line with the company's overall
compensation philosophy and long term performance, not simply on
what executives at other companies are making," said New York State
Comptroller Thomas DiNapoli, the fund's trustee.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 06, 2020 11:02 ET (16:02 GMT)
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