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天使投资唐 发表于 2014-10-14 00:04:11 | 显示全部楼层 |阅读模式
世界上最牛逼的投资者还是很被动的!巴菲特是 可口可乐Coca-Cola 的最大股东(拥有9%),但可乐高层在众多股东的强烈抗议下,在4月股东大会上通过了价值240亿美元的薪酬计划=可乐14%股份!巴菲特当时说很过分,但最后只投弃权票,可能给高层面子没投发对票。
很多激进投资者批评巴菲特,作为一个投资者的模范,没有维护投资者权益,默认管理层的嫉妒奢侈的股权期权计划,稀释投资者14%的股份。


巴菲特 - 我们没有任何欲望与可口可乐开战
Buffett--We don't have any desire to go to war with Coca-Cola

10月1日,可乐屈从股东压力,减少股权期权奖励!巴菲特最后胜利!所以,最牛逼的投资者巴菲特是很有智慧的,因为他不会与被投资公司的管理层硬干!退一步海阔天空,所谓,有时你不得不打败一场仗去赢得战争 sometimes you have to lose a battle to win the war!股神还是股神。但即使股神,最多也就只可以做到如此了。在中国,投资者如果没有后台就更被动了,例如当年达能被宗庆后坑。


Donald Trump -- Sometimes by losing a battle you find a new way to win the war

新浪财经讯 北京时间10月2日凌晨消息,可口可(KO)已屈从于亿万富翁投资者、“股神”沃伦-巴菲特(Warren Buffet)的压力,在周三宣布对其高管薪酬计划作出更改,其结果是该公司向员工授予的股权奖励和期权将会减少。

  可口可乐称,新的薪酬计划旨在提高股权奖励的透明度,并使其股票购买活动变得正式化,从而最小化股东摊薄。此前,《华尔街日报》曾在4月份报道称,可口可乐很可能会在高管薪酬计划于明年开始生效以前对其作出修改。巴菲特曾多次对可口可乐重度依赖股票期权 的薪酬计划表示不满,称其对该公司高管来说形同“彩票”,经常都会为其带来巨额收入。

  尽管可口可乐股东、Wintergreen Advisers首席执行官大卫-温特斯(David Winters)曾公开反对可口可乐的薪酬计划,但该公司股东仍在4月份批准了该计划。

  就巴菲特本人而言,他拒绝对可口可乐的高管薪酬计划头反对票,但在私底下则对其持反对意见。据财经信息供应商FactSet统计的数据显示,巴菲特麾下伯克希尔哈撒韦(206048.5, 898.50, 0.44%)公司(BRK)持有大约9%的可口可乐股份,是后者的最大股东。


on Wednesday, Coca-Cola announced that it will revise the executive pay structure that Warren Buffett recently called “excessive.”
http://www.forbes.com/sites/magg ... executive-pay-plan/

Coke announced Wednesday morning that going forward, it will provide more transparency into how its equity compensation plan works, and that the plan will use fewer shares each year. According to the new guidelines, equity shares given through the plan will consist of no more than 0.8% of all outstanding stock in 2015 and 0.4% for the remaining life of the plan. Coke also said that while it will continue to provide long-term incentive awards to a broad group of employees, those awards will shift from stock to cash; employees who are still eligible for equity awards will see a heavier weighting of performance shares and fewer stock options. By 2016, Coke says the mix will be two-thirds performance shares and one-third stock options.

“Further to the approval of the 2014 Equity Plan in April of this year, we have developed guidelines that further align compensation to the long-term interests of shareowners,” Coca-Cola chairman and CEO Muhtar Kent said in a statement Wednesday morning, referencing the push-back he received from Buffett and other shareholders earlier in the year. In March, Wintergreen Advisers fund manager David Winters lambasted Coke’s executive pay model, saying in a letter to Coke shareholders, “We can find no reasonable basis for gifting management 14.2% of the share capital of Coca-Cola, worth $24 billion at today’s share price.” By April, Buffett called Coke’s compensation plan “excessive” and was open about the fact that he thought it awarded too many shares of stock. At the time, he chose to abstain from a vote on the compensation plan in an attempt to “make a statement” but not go to war with the company.

Evidently, these statements got through to Coke.

“Shareowner engagement has produced positive results for our company on a variety of fronts, including on compensation matters,” Maria Elena Lagomasino, the chair of Coke’s compensation committee, said in a statement Wednesday. “Shareowner input on this important topic has directly led to the development of these new Guidelines, which are in line with the long-term interests of shareowners.”

Following the news of Coke’s revised compensation plan, shares of the beverage giant were relatively unmoved, down just 0.2% in early Wednesday trading. Year-to-date, the stock is up 4.9%.




Buffett Defends His Coke (NYSE:KO) Vote At Berkshire’s Annual Meeting
http://www.livetradingnews.com/b ... l-meeting-48084.htm
May 4, 2014
Saturday in Omaha, Warren Buffett, 83 anni, defended his recent controversial vote on executive pay at Coca-Cola Co (NYSE:KO), and disappointing performance at railroad BNSF, as investors grilled him on his Berkshire Hathaway Inc (NYSE:BRK-A, BRK-B) conglomerate at its annual shareholder meeting.
The investment guru was questioned at the meeting, part of a mostly festive weekend that Mr. Buffett calls “Woodstock for Capitalists,” following concerns that Berkshire last year missed 5-yr growth target for the 1st time in his 49 yrs at the helm.

Mr. Buffett, and Vice Chairman Charlie Munger, 90 anni, took the stage at a downtown Omaha arena as they faced off with the audience and a hand-picked panel often excusing recent worries at the sprawling conglomerate.
“Over any cycle we will over-perform, but there’s no guarantee on that,” he said. Berkshire, he said, is designed to perform best when markets are at their worst, unlike in Y 2013 when the Standard & Poor’s 500 rose 30%.

Mr. Buffett was questioned about Berkshire’s decision to abstain from the shareholder vote on Coca-Cola’s equity compensation plan for executives, even though Buffett thought the controversial plan was excessive.
That revelation drew sharp criticism in the run-up to the meeting, particularly since Mr. Buffett has in the past called options wasteful and akin to a free “lottery ticket.”

Seated with Mr. Munger at a table containing several bottles of Coke and Cherry Coke, Mr. Buffett said that “Going to War” would likely not have been productive, and that Berkshire’s abstention sent an even more effective message.
“We made a very clear statement about the excessiveness of the plan and, at the same time, we in no way went to war with Coca-Cola,” Mr. Buffett said. “I don’t think going to war is a very good idea in most situations.”

Mr. Buffett said he had conversations with Coke’s CEO, Muhtar Kent, including 1 in Omaha, where he said he thought the plan was excessive.
“I think the best result for the Coca-Cola Company was achieved by our abstention, and we will see what happens in terms of compensation between now and the next meeting of Coke,” he said.

Wall Street came into a spotlight from a person complaining about why more individuals were not being held criminally responsible for recent misconduct, such as from the Y 2008 financial crisis.
“I don’t think there’s anything that changes behavior more than prosecuting individuals,” Mr. Munger said.
Mr. Buffett agreed, recalling his experience at Salomon Inc more than 20 yrs ago, when he became Chairman to help clean up a US Treasury auction rigging scandal.

Last year, Berkshire underperformed for the 1st  time in 49 yrs by Mr. Buffett’s own preferred measure: gains in the company’s book value, or worth, lagged the S&P 500.
Shareholders at the meeting rejected a proposal that Berkshire start paying a dividend, after having not made any cash payouts since Y 1967.
At one point Mr. Buffett was asked if he had lost confidence in Berkshire.
In his annual letter to shareholders, Buffett disclosed that he had suggested to his estate’s trustee that money left to his wife be largely invested in a low-cost S&P index fund.

The question posed: Why an index fund and not Berkshire stock?
Because, he said, he was not concerned about maximizing the money he will leave his wife after he passes away.
“There will be loads of capital left over” for her, Mr. Buffett said.

http://www.marketwatch.com/story ... ity-plan-2014-04-21

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