550 sit in on rare Coke shareholders meeting in Atlanta

Coca-Cola Co. gave local investors a rare view Wednesday of its annual shareholders meeting, holding the event in metro Atlanta for only the third time.

The 550 stockholders who gathered at the Gwinnett Center saw outgoing board chairman Neville Isdell complete his handoff to chief executive Muhtar Kent. They also watched as security guards ejected one audience member for disrupting the proceedings.

Isdell, who returned to Coke in 2004 from retirement, stepped down as chairman of the board. Kent, who became CEO last year, also will take that role.

Activist shareholder Ray Rogers, who frequently attends Coke annual meetings, started the session by loudly raising questions about the company’s human rights record. Isdell pointed to internal and external reviews that showed Coke respected human rights.

Rogers was followed by a more agitated attendee, who identified himself as a “shareholder from New York” and criticized the way the board of directors was composed. After he failed to yield the floor to Isdell, security guards escorted him from the room. Many in the audience applauded his ejection.

Atlanta-based Coca-Cola holds most of its meetings in Delaware where, like many companies, it is incorporated.

The Duluth event drew Eli Jones Sr., a 70-year-old Atlanta resident who bought Coke stock about 10 year ago.

“It was interesting,” Jones said, adding he thinks the company should bring the meeting back. “This is home … I think it ought to be here every year.”

During the Q&A, one shareholder asked why Coke chose the Gwinnett venue rather than Atlanta proper. Kent replied, smiling: “I hope you would agree Gwinnett Center is a lot closer to the center of Atlanta … than Delaware.”

In official business, a proposal to allow a nonbinding vote each year on executive pay failed, although it got 36 percent support. Another to require different people to be chairman and chief executive got 29 percent support.