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Coca-Cola, NYS Pension Fund Reach Deal On Executive Pay

Richard Drew
/
AP
The Coca-Cola logo appears above the post where it trades on the floor of the New York Stock Exchange, as seen in 2016.

An agreement with the state pension fund in New York will require the Coca-Cola Company to consider the wages of all of its employees when setting executive salaries.

The state fund is a shareholder in Coca-Cola with a portfolio of more than $513 million invested.

State Comptroller Thomas DiNapoli manages the fund. He says New York had submitted a shareholder proposal to help close the pay gap between CEOs and their workers.

CEO salaries have outpaced workers by 1,400% in recent decades.

DiNapoli says those disparities can damage company morale, productivity and company reputation. 

Market watchers say the state has been aggressive in using its role as a shareholder to change company policies. For instance, the state wants to divest from businesses that contribute to climate change. 

 

A native Long Islander, J.D. is WSHU's managing editor. He also hosts the climate podcast Higher Ground. J.D. reports for public radio stations across the Northeast, is a journalism educator and proud SPJ member.