Originally published Thursday, March 11, 2010 at 1:05 PM
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Coca-Cola FEMSA bottler to change bylaws
Drinks company Fomento Economico Mexicano SAB said Wednesday its bottler, Coca-Cola FEMSA, plans to change its bylaws so a simple majority of its board can appoint and set compensation of the CEO and people who report directly to him or her.
The Associated Press
Drinks company Fomento Economico Mexicano SAB said Wednesday its bottler, Coca-Cola FEMSA, plans to change its bylaws so a simple majority of its board can appoint and set compensation of the CEO and people who report directly to him or her.
Coca-Cola FEMSA is the biggest bottler of Coca-Cola drinks in Central America.
The company said a simple majority also will suffice for "decisions related to the ordinary operations."
Acquisitions and many other matters still require the approval of two directors appointed by the Coca-Cola Co., in addition to a majority vote.
The bylaws changes are on the agenda for an April 14 shareholders meeting.
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