AIDS resolution gains only 7.7% of vote at PepsiCo meeting
May 06 2004 11:00 PM ET
A resolution urging soft drink giant PepsiCo to examine and report on how the company plans to deal with the business and employee impact of the global AIDS epidemic gained only 7.7% of the vote at the company's shareholder meeting Wednesday. The low approval vote was largely due to the fact that PepsiCo's board of directors opposed the measure, but the vote was enough to surpass the 6% required by the U.S. Securities and Exchange Commission for the resolution to be automatically reintroduced at next year's shareholder meeting. The resolution, introduced by a coalition of religious shareholders, called on the company to report on how it plans to deal with AIDS issues, including the impact of the disease on the company's employees and contract employees in poor nations overseas. A similar measure at PepsiCo rival Coca-Cola was backed by that company's board of directors and at Coca-Cola's April 21 shareholder meeting with 97% of the vote.