76 investors, public officials, businesses, environmental and community leaders urge support for shareholder resolution, item 5 at Coke's annual meeting.
NEW YORK, NY (April 17, 2001) - Making an appeal to The Coca-Cola Company's board of directors, an environmental group released today a letter signed by a diverse coalition of leaders urging support for setting recycling goals and developing a plan to meet them.
"Investors, public officials, businesses, environmental and community leaders share a common objective, which is halting the wasting of Coke bottles and cans," said Bill Sheehan, national network coordinator for the Athens, Georgia-based GrassRoots Recycling Network.
"Shareholders can send the Coke board of directors a clear message by voting for Item 5, the recycling resolution, at the April 18 annual shareholder meeting in Wilmington, Delaware," Sheehan said. "For information on the resolution visit our Internet web site at www.grrn.org."
Domini Social Investments, based in New York, explained why it is co-sponsoring the Coca-Cola shareholder resolution. "In our view, a firm's commitment to responsible management of its waste stream is an essential component of sound corporate management, and a strong contributor to shareholder value. As the industry leader, we believe Coke has a responsibility to develop a more comprehensive recycling policy with clear goals that raise the bar for the beverage industry," said Adam Kanzer, general counsel for Domini Social Investments.
Shareholder groups have been discussing recycling concerns with Coca-Cola management for two years. The recycling resolution calls upon the company to achieve specific recycling targets by January 1, 2005: using 25 percent recycled plastic to make new bottles and reaching an 80 percent national recycling rate for bottles and cans.
"We are encouraged by Coke's responsiveness to our concerns, and hope that shareholders will take this opportunity to send management a further message of encouragement by voting to support our resolution," Kanzer said. "We hold 717,300 shares of the Coca-Cola Company in the Domini Social Equity Fund's (Ticker: DSEFX) socially and environmentally screened portfolio."
Pat Franklin, executive director of the Arlington, Virginia-based Container Recycling Institute said, "In the 24 hours from releasing this appeal to Coca-Cola's board of directors to the vote at the shareholders meeting tomorrow, more than 54 million empty Coke soft drink bottles and cans will be thrown away. It's a terrible waste of precious natural resources and the energy needed to make more plastic and aluminum beverage containers."