2025-04-30 Coca-Cola.Annual Meeting of Shareowners

James Quincey Chairman & CEO

Hello, and welcome to our 2025 Annual Meeting of Shareowners. I'm James Quincey, Chairman and Chief Executive Officer of The Coca-Cola Company. On behalf of the Board of Directors and the Coca-Cola team, thank you for your continued investment and trust in The Coca-Cola Company.

大家好，欢迎参加我们2025年的可口可乐公司股东年会。我是James Quincey，可口可乐公司董事长兼首席执行官。我谨代表董事会和可口可乐团队，感谢您对我们公司的持续投资与信任。

And before we begin, I want to mention that today's session is being recorded and may contain forward-looking statements about our business. These statements should be considered in conjunction with cautionary statements contained in the company's periodic SEC reports.

在会议开始之前，我想说明今天的会议将被录音，并可能包含有关我们业务的前瞻性陈述。请结合公司定期向美国证券交易委员会（SEC）提交的报告中包含的风险提示来理解这些陈述。

2025 is off to a good start, following another year of strong growth and sustained momentum despite external challenges like inflation, currency fluctuations and geopolitical issues. We have remained resilient by focusing on elements within our control, and we have continued our multiyear transformation as a total beverage company. Our all-weather strategy remains steadfast, aiming to drive top line revenue and deliver robust bottom line returns.

尽管面对通胀、汇率波动以及地缘政治等外部挑战，2025年依然有了一个良好开局。我们在上一年实现了强劲增长并保持良好的动能。通过专注于可控因素，我们展现了韧性，并持续推进作为“全品类饮料公司”的多年度转型战略。我们的“全天候”战略依旧坚定，致力于推动营收增长并实现可观的利润回报。

Our system remains strong with shared objectives and a commitment to achieve long-term growth. Our global workforce of more than 700,000 people across the Coca-Cola system is focused on serving consumers with beverages they love through the channels they prefer 2.2 billion times a day. And our purpose goes beyond making delicious beverages. We are dedicated to making a meaningful difference in the world.

我们的体系依然稳健，拥有共同的目标，并致力于实现长期增长。在可口可乐体系中，全球有超过70万人专注于通过消费者喜爱的渠道，每天为消费者提供他们喜爱的饮品22亿次。我们的使命不仅是酿造美味饮品，更是致力于在全球产生积极影响。

In a few days, on May 8, we'll celebrate Coca-Cola's birthday. Nearly 139 years later, it's still the pause that refreshes. While it all began with one brand, The Coca-Cola Company is so much more. Now our portfolio includes approximately 200 master brands across more than 200 countries and territories. And this year, we're also celebrating a milestone of 30 billion-dollar brands. Half of those were organic and half of those were acquired.

几天后，也就是5月8日，我们将迎来可口可乐的生日。时至今日，已有近139年历史，它仍是那一口让人“焕然一新”的饮品。可口可乐公司最初以一个品牌起家，而如今已经远远超越。我们的品牌组合现已覆盖200多个国家和地区，拥有约200个主品牌。今年，我们还迎来了一个重要里程碑：拥有30个年销售额超过10亿美元的品牌，其中一半是我们自主培育的，另一半是通过收购获得的。

Our size and ability to scale remains one of our unique strengths; that and, of course, the magic of our brands brought to life daily in our best-in-class marketing. As a local business in every community we serve, we're committed to refreshing and supporting the communities in which we operate. We're bringing consumers a choice of products that are locally produced using locally sourced ingredients in our factories that are operated by a local workforce. Coca-Cola is for everyone.

我们的规模和扩展能力依然是我们独特的竞争优势之一。此外，还有我们每日通过世界一流营销将品牌魅力带入消费者生活的能力。作为每一个服务社区中的“本地企业”，我们致力于为所在社区带来清新与支持。我们提供的饮品由本地工厂、使用本地原料、由本地员工生产，为消费者带来多样选择。可口可乐属于每一个人。

We're also prioritizing goals and actions that seek to improve water security in high-risk locations, reduce packaging waste and decrease emissions as part of our voluntary environmental goals. Achieving these ambitions will require continued investment in innovation and infrastructure solutions, enabling legislation and advocacy as well as further collaboration with our bottling partners, industry peers, local governments and civil society.

我们还将重点关注一系列目标和行动，包括提升高风险地区的水资源安全、减少包装废弃物和降低排放，这些都是我们自愿性环保承诺的一部分。实现这些目标，需要我们持续投资于创新与基础设施解决方案，推动相关立法与倡导，并进一步与装瓶合作伙伴、行业同行、地方政府和公民社会加强合作。

To be in business nearly 139 years while continuing to stay relevant and create value in new environments with new demands, you must have innovation in your DNA. We remain committed to being in the forefront of digital experimentation, learnings and implementation. And we don't take any of our success for granted. Our relentless pursuit of growth aims to exceed the expectation of our consumers, customers, communities and employees, ultimately delivering results for you, our shareowners.

在接近139年的运营历程中，能够持续保持相关性并在不断变化的新环境和新需求中创造价值，必须拥有根植于基因中的创新精神。我们始终致力于走在数字化试验、学习与实施的前沿。我们从不把成功视作理所当然。我们对增长的执着追求，旨在超越消费者、客户、社区和员工的期待，最终为您——我们的股东，带来优异成果。

Looking ahead, I'm encouraged by the future growth opportunities we see around the world. We are proud of our history of building iconic brands, and we're just as excited about our future. Evolution and innovation take time and commitment, and we couldn't do it without people who believe in our business. Thank you for your continued investment and trust in The Coca-Cola Company.

展望未来，我们对于全球所见的增长机遇充满信心。我们为打造众多标志性品牌的历史感到自豪，同时也对未来发展同样感到振奋。变革与创新需要时间和承诺，而没有大家对我们事业的信任支持，我们不可能做到这一切。感谢您持续对可口可乐公司的投资与信任。

Now let's move to the business portion of today's annual meeting. Good morning. And yes, as I said, let's move to the business portion of the meeting. Today, we will address the 9 business items detailed in your proxy statement. Following that, I will conduct a question-and-answer session in which we will address questions about any of the items in the proxy statement or other business issues you wish to raise.

现在，我们进入今天股东年会的正式业务环节。大家早上好。正如我刚才所说，我们现在正式进入会议的业务部分。今天，我们将讨论委托书声明中列出的9项业务事项。在此之后，我将主持问答环节，解答您就委托书中的任何议题或其他业务问题所提出的问题。

For our shareowners logged into the live webcast today, you can submit questions at any time. You do not have to wait until the Q&A has started to submit a question. [Operator Instructions]

今天通过线上直播平台参会的股东，您可随时提交问题，无需等到问答环节开始。[操作说明略]

Now let me welcome the members of the management team joining me here for this morning's meeting: John Murphy, President and Chief Financial Officer; Henrique Braun, Executive Vice President and Chief Operating Officer; Monica Howard Douglas, Executive Vice President, Global General Counsel; and Jennifer Manning, Associate General Counsel and Corporate Secretary.

现在请允许我介绍出席本次会议的管理团队成员：公司总裁兼首席财务官John Murphy，执行副总裁兼首席运营官Henrique Braun，执行副总裁兼全球总法律顾问Monica Howard Douglas，以及副总法律顾问兼公司秘书Jennifer Manning。

And I extend a special welcome to our Board of Directors who have joined us this morning. And today also, we are joined by representatives from our independent auditing firm, Ernst & Young LLP. And finally, many of our shareowners as well as employees and alumni have joined the meeting today. I extend a very warm welcome to all of you.

同时，我特别欢迎今天到场的公司董事会成员。此外，我们的独立审计机构——安永会计师事务所（Ernst & Young LLP）也派出代表出席了今天的会议。最后，也欢迎在座的众多股东、员工及公司校友，热烈欢迎你们的到来。

Now on to today's voting matters. The agenda for our meeting and our proxy statement are available on the virtual meeting platform. These will serve as your road map to the business items we will be discussing today. Our rules of procedure can also be found on the meeting platform.

接下来是今天的投票议题。会议议程和委托书声明已在虚拟会议平台上提供，您可以以此为导览了解我们将要讨论的各项业务事项。会议规则也可在平台上查阅。

Here's how the meeting will flow today. Our Corporate Secretary, Jennifer Manning, will present each of the 3 management proposals. There are also 6 shareowner proposals, which will then be presented by the proponent or their representative. The presentation of each shareowner proposal will be limited to 3 minutes. And right after each management and shareowner proposal is presented, I will present the company's response and voting recommendation. Then after all 9 business items have been presented and the preliminary vote is announced, I will conduct a Q&A session, during which time, I'll take questions on any of the 9 business items we are voting on today or on any other appropriate business topics.

今天的会议流程如下：我们的公司秘书Jennifer Manning将依次介绍3项由管理层提出的议案。此外，还有6项由股东提出的议案，将由提案人或其代表进行介绍。每项股东提案的陈述时间限制为3分钟。在每项管理层或股东提案介绍完毕后，我将代表公司作出回应并给出投票建议。待9项议题全部介绍完毕并宣布初步投票结果后，我将主持问答环节，回答与今天投票议题或其他适当业务事项相关的问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Notice for this annual meeting was furnished to shareowners on March 17, 2025. The proxy statement for this meeting was mailed beginning March 17, 2025, to all shareowners of record as of March 3, 2025.

公司秘书、高级副总裁兼并购/战略交易副总法律顾问Jennifer Manning发言：本次年会的通知已于2025年3月17日发出。会议委托书自2025年3月17日起寄送至截至2025年3月3日登记在册的所有股东。

Our inspectors of election from Computershare Trust Company, N.A. advised that we have a quorum represented by 80% of the total shares eligible to vote. The polls are now open. There are 9 matters being voted on. Page 2 of the proxy statement lists all of the voting matters.

我们来自Computershare信托公司的选举监督员通知我们，当前到会股份已达到80%，构成法定出席人数。投票现已开始。本次会议共有9项表决事项，详情可见委托书第2页。

If you sent in your proxy or have already voted by telephone or Internet, you do not need to take any further action unless you wish to change your vote. Any shareowners who have not yet voted or who wish to change their votes may do so by clicking on the voting button on the webcast page and following the instructions. At the end of the Q&A session, the ballots will be tabulated by our inspectors of election.

如果您已经邮寄委托书，或已通过电话或网络进行投票，则无需重复操作，除非您想修改投票结果。尚未投票或希望更改投票意向的股东可点击网页上的“投票”按钮，并按照指示操作。问答环节结束后，投票结果将由选举监督员进行统计。

That concludes the Secretary's report, Mr. Chairman.

主席先生，秘书报告完毕。

James Quincey Chairman & CEO

Thank you, Jennifer. Would you please present the first matter to be voted on?

谢谢你，Jennifer。请你介绍第一项需投票表决的事项。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

The first matter is the election of directors. The company's by-laws require that directors stand for election each year. Therefore, all of the director nominees listed in your proxy statement are nominated for election for a 1-year term expiring in 2026. Profiles for each of the director candidates begin on Page 15 of the proxy statement.

第一项议题是董事选举。根据公司章程，董事需每年进行选举。因此，您在委托书中看到的所有董事候选人均被提名参加本次选举，任期为一年，将于2026年届满。每位候选人的详细资料可参见委托书第15页。

James Quincey Chairman & CEO

Thank you, Jennifer. Our Board is composed of highly capable group of directors who are well equipped to oversee the success of the business and effectively represent the interest of shareowners. Individuals standing for election at this meeting have deep and varied experiences related to matters that are key to our business success. These include experience in finance, risk oversight, executive leadership, marketing, innovation and emerging markets. The Board of Directors recommends a vote for each nominee.

谢谢你，Jennifer。我们的董事会由一群极具能力的董事组成，他们能够有效监督公司运营，并代表股东利益。本次提名的候选人具备与公司成功密切相关的丰富且多样化的经验，包括财务、风险监督、高管领导力、市场营销、创新以及新兴市场等领域。董事会建议股东对每一位候选人投赞成票。

James Quincey Chairman & CEO

Now Jennifer, let's go to the second item.

现在，Jennifer，请介绍第二项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

The second item is the advisory vote to approve executive compensation. As required, the company seeks a nonbinding advisory vote from shareowners to approve the compensation of the company's named executive officers, as described in the Compensation Discussion and Analysis and in the compensation tables of the proxy statement.

第二项议题是关于高管薪酬的咨询性投票。根据相关规定，公司请求股东就公司指定高管的薪酬方案进行不具约束力的咨询性表决。相关内容详见委托书中的“薪酬讨论与分析”部分及薪酬表格。

James Quincey Chairman & CEO

We take the say-on-pay vote seriously, and we consider the outcome of the advisory vote when making compensation decisions. In deciding how to vote on this proposal, we encourage you to read the Compensation Discussion and Analysis and the compensation tables beginning on Page 47 of the proxy statement. The Board of Directors recommends a vote for the advisory vote on executive compensation.

我们对“薪酬表决”持严肃态度，并会在制定薪酬决策时考虑股东咨询性投票的结果。在决定是否支持本提案时，我们鼓励您阅读委托书第47页开始的“薪酬讨论与分析”部分及相关薪酬表格。董事会建议支持本项高管薪酬的咨询性投票。

James Quincey Chairman & CEO

Jennifer, would you please present the third item?

Jennifer，请介绍第三项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Our Audit Committee has appointed Ernst & Young LLP to serve as the company's independent auditors for the 2025 fiscal year, and this item seeks ratification of this appointment. The Audit Matters section of our proxy statement, which includes this proposal, begins on Page 83.

我们的审计委员会已指定安永会计师事务所（Ernst & Young LLP）作为2025财年的独立审计机构，本议题旨在对该项任命进行确认。关于此议题的详细内容，请参阅委托书第83页开始的“审计事项”部分。

James Quincey Chairman & CEO

The Audit Committee and the Board believe audit quality is enhanced by Ernst & Young LLP's significant institutional knowledge and deep expertise of the company's global business. Ernst & Young have consistently served the company and its shareowners well over time, and therefore, the Board recommends a vote for the ratification of their appointment.

审计委员会与董事会一致认为，安永对公司全球业务的深厚知识与丰富经验显著提升了审计质量。多年来，安永一直为公司及其股东提供优质服务，因此董事会建议股东投票确认此次任命。

James Quincey Chairman & CEO

Jennifer, would you please present the fourth item?

Jennifer，请介绍第四项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Thank you, Mr. Chairman.

谢谢您，主席先生。

Our shareowner proposals. Each shareowner proposal will be presented by the proponent or their representative. The presentation of a shareowner proposal will be limited to 3 minutes. Right after each proposal is presented, James will present the company's response and voting recommendation. The shareowner proposal process is intended to provide shareowners one way in which to constructively engage management and the Board.

接下来是股东提案。每项股东提案将由提案人或其代表进行陈述，发言时间限定为3分钟。每项提案陈述结束后，将由James代表公司作出回应并提供投票建议。股东提案程序旨在为股东提供与公司管理层和董事会建设性互动的一种途径。

Our company takes this process seriously. And so we always request the proponents remember that this is not the appropriate part of the meeting to advocate for issues that are not related to the actual voting matter being considered in the shareowner proposal. We remind our presenters that unrelated issues raised during the presentation of a shareowner proposal will not be addressed by the Chair during this part of the meeting. Following the presentation of these voting matters, we will conduct a question-and-answer session, during which these unrelated issues can be raised.

公司对这一程序非常重视。因此我们也请提案人注意，在此环节中不应讨论与投票事项无关的话题。我们在此提醒各位发言人，若在提案陈述中提出与表决事项无关的问题，董事长将在此阶段不予回应。此类话题可在之后的问答环节中提出。

Five of our shareowner proponents have chosen to prerecord the presentation of their proposals. I will note that at the beginning of those proposals because there will be a pause for a few seconds while we connect to the recording.

有五位股东提案人选择以预录方式陈述他们的提案。在相关提案开始前我会特别说明，因为系统连接录音文件时会有几秒钟的暂停。

So our fourth business item is a shareowner proposal regarding an assessment of non-sugar sweeteners. This proposal and the company's response begin on Page 90 of your proxy statement. Laura Krausa, representing CommonSpirit Health, will present the proposal. The proponent has chosen to prerecord their remarks. I will now ask Computershare to play the recording.

第四项议题是关于“对非糖甜味剂（NSS）进行评估”的股东提案。该提案及公司的回应详见委托书第90页。CommonSpirit Health的代表Laura Krausa将就此提案进行陈述。提案人选择预先录制发言内容。现在请Computershare播放该录音。

Laura Krausa

Greetings. I'm Laura Krausa here on behalf of CommonSpirit Health and its co-filers presenting Item 4, a proposal which asks for a third-party assessment on the company's efforts to assess and mitigate potential health harms associated with the use of non-sugar sweeteners or NSS.

大家好，我是Laura Krausa，此次代表CommonSpirit Health及其联署人就第4号议案发言。本提案建议公司委托第三方，对其在评估和减缓非糖甜味剂（NSS）潜在健康风险方面的努力进行审查。

As health care providers, we are acutely aware of the impacts of diet on health and well-being. Replacing sugar in food and beverages with NSS can provide an alternative product for people whose diets are restricted due to chronic conditions. However, a growing body of science raises concerns over potential long-term impacts associated with NSS use, and we believe it prudent for our company to thoroughly monitor that science.

作为医疗保健提供者，我们非常清楚饮食对健康和福祉的影响。用NSS替代食物和饮料中的糖分，确实可以为因慢性病而需控制饮食的人群提供选择。但越来越多的科学研究引发了人们对NSS长期影响的担忧，因此我们认为公司有必要对此类研究保持密切关注。

Studies demonstrate negative NSS impacts on cardiovascular health, metabolic and gut biome, osteoporosis, depression and have been recognized as a possible carcinogen. Recent studies found NSS products increase appetite, which can influence risk for type 2 diabetes. And the World Health Organization has recommended against NSS use for long-term weight loss, seeing no associated benefit. Even greater concerns are emerging around consumption in youth and pregnant and breast-feeding women.

研究表明，NSS对心血管健康、新陈代谢、肠道菌群、骨质疏松和抑郁症等方面均可能产生负面影响，并已被认为可能具致癌性。近期研究还发现NSS产品会增强食欲，可能提高患2型糖尿病的风险。世界卫生组织（WHO）建议不要将NSS作为长期减重的手段，因未发现其带来实际益处。对于青少年、孕妇和哺乳期女性的NSS摄入问题，外界的担忧也在加剧。

Those concerns have moved some Latin American countries to require warning labels on NSS foods marketed toward youth. And trends in our own country's regulatory agencies overseeing health indicate the increased chance for scrutiny of ingestible products that contain chemically based ingredients. These types of trends should be an indicator to our company that a greater body of science is being recognized.

这些担忧已促使部分拉美国家对面向青少年的含NSS食品实施警示标签制度。而我们国家监管机构的动态也表明，未来可能会对含化学成分的可食用产品加大监管力度。这种趋势应成为公司认识到此类科学关注正在被广泛认可的重要信号。

Coca-Cola discloses on its website that it has directly funded, either partially or fully funded or authored over 70 studies on NSS use. This is actually concerning because a review of literature found 13% of research articles published in the top 10 most referenced nutrition journals were food industry-backed, with 56% of those articles providing favorable findings to the food industry. This simply begs the question of partiality in the research.

可口可乐公司在官网披露，其已直接出资或部分出资或亲自参与撰写了70多项与NSS使用相关的研究。这一现象令人担忧。文献综述显示，在十大营养学核心期刊上发表的文章中，有13%是由食品行业资助的，其中56%的文章结果对食品行业有利。这不禁引发人们对研究公正性的质疑。

Overall, we are not suggesting that our company cease its own studies. Rather, we are suggesting that there is a perception of bias if the company is not additionally seeking guidance from external studies. This assessment will help our company identify if and where there is opportunity to be more progressive and healthier product development and in mitigating risks associated with potential NSS health harms. In doing so, we will be poised to pivot quickly in response to science and to continue to offer the quality beverages that have made our company a leader in this industry.

我们并不是建议公司停止自身研究工作，而是指出若公司不借助外部研究进行补充指导，外界可能会质疑其立场的偏颇。该第三方评估将帮助公司识别是否、以及在哪些方面存在推动产品更健康发展的空间，并协助降低与NSS潜在健康风险相关的企业责任。在此基础上，我们能更快速地响应科学发展，持续提供令公司屹立行业前沿的优质饮品。

Investors urge you to vote for Proposal 4. Thank you.

我们呼吁各位投资者支持第4号提案。谢谢大家。

James Quincey Chairman & CEO

Thank you for presenting the proposal. This is an important issue, so allow me to explain why we've recommended a vote against the proposal. Proposal seeks a third-party assessment, which would cover the company's efforts to assess what the proponent's claim are potential health harms associated with the use of non-sugar sweeteners. We simply do not believe that an additional third-party assessment, as requested in the proposal, can usefully contribute to the abundant reporting and assessments that have already been issued by various food safety bodies and regulatory authorities. With these third-party assessments, several regulators and food safety bodies have reaffirmed the safety of non-sugar sweeteners.

感谢您对本提案的陈述。这是一个重要议题，因此请允许我解释为何我们建议对该提案投反对票。该提案要求进行第三方评估，内容涵盖公司在评估非糖甜味剂（NSS）潜在健康风险方面的工作。但我们认为，如提案所要求的额外第三方评估，并不能对现有由多家食品安全机构和监管当局发布的大量报告和评估提供实质性贡献。已有多个监管机构和食品安全机构通过这些第三方评估，重申了非糖甜味剂的安全性。

Our response in the proxy statement on Page 92 provides a thoroughly detailed discussion of the breadth of this third-party reporting, which I encourage you to review, but I will not repeat now. However, I do believe it is important to stress that our company has strong confidence in the science behind the safety of our ingredients. All non-nutritive sweeteners used in Coca-Cola products have been thoroughly assessed by leading food safety bodies. While authorization of specific ingredients may vary between markets, the company will continue to adhere to local regulations in the more than 200 markets where we operate.

我们在委托书第92页的回应中，对第三方报告的广度进行了详尽说明，建议您查阅，今天我就不在此重复。需要强调的是，我们对产品成分安全性背后的科学依据充满信心。所有可口可乐产品中使用的非营养性甜味剂，均已被全球主要食品安全机构严格评估。尽管各市场对特定成分的批准标准可能不同，我们始终会严格遵守公司运营所在的200多个市场中的本地法规。

Finally, I would like to add that we continue to make progress on sugar reduction in our beverages. We've done this by changing recipes as well as by using our global marketing resources and distribution network to boost awareness of and interest in our ever-expanding portfolio. This includes low- and no-calorie beverages as well as smaller packaging to offer consumers a portion control option. We have also been accelerating the expansion of beverage options across our portfolio, such as tea, coconut water, dairy and plant-based beverages, juice, water and coffee.

最后，我还想补充一点：我们在减少饮品含糖量方面一直取得积极进展。我们通过调整配方、利用全球营销资源和分销网络，提高对产品组合的认知和兴趣。我们的产品组合不断扩展，包括低热量和零热量饮品、迷你包装等为消费者提供“定量控制”选项的创新。此外，我们也在加速产品种类的扩张，涵盖茶、椰子水、乳制品与植物基饮品、果汁、瓶装水以及咖啡等。

Thank you again. And I'll turn it back to Jennifer for the next proposal. Jennifer, would you present the fifth item?

再次感谢各位。现在我把时间交还给Jennifer，请介绍第五项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Our fifth item is a shareowner proposal regarding a report on food waste. This proposal and the company's response begin on Page 93 of your proxy statement. Matt Prescott will present the proposal. The presentation of the proposal is limited to 3 minutes. The phone line for the presentation will be open only for these 3 minutes. For the conveyance of the presenter, I will signal when they have 20 seconds remaining.

第五项议题是有关“食品浪费报告”的股东提案。该提案及公司回应详见委托书第93页。Matt Prescott将就此提案进行陈述，发言时间限制为3分钟。电话线路将在这3分钟内保持开放。在发言还剩20秒时，我将作出提示以便发言人掌握时间。

I now ask the operator to unmute and open the line.

现在请操作员解除静音并开启发言通道。

Matt Prescott

All right. Thanks so much, Jennifer, and good morning to everybody. I can keep this far under 3 minutes, but my name is Matt Prescott. I'm President of The Accountability Board. And at the heart of our proposal really, we're just asking that Coca-Cola disclose how much food waste its business is generating and measurable targets for reducing that food waste. This is especially relevant to Costa Coffee, which has roughly 20,000 locations worldwide.

好的，非常感谢你，Jennifer。大家早上好。我会在3分钟内说完。我是Matt Prescott，“问责董事会”（The Accountability Board）主席。我们的提案核心非常简单：我们只是要求可口可乐公司披露其业务产生的食品浪费总量，并设定可衡量的减废目标。这在Costa Coffee上尤为相关——Costa在全球大约有2万个门店。

Costa has been saying for years on their website that they are working to measure food waste and to develop measurable targets for reducing it, but yet they just keep failing to do that. And so our proposal -- or at least to disclose those things. And so our proposal really is just aimed at getting disclosure of these things that Costa itself has said for years it's doing.

多年来，Costa在其官网上一直声称，他们正在测量食品浪费，并致力于制定可量化的减废目标，但至今仍未兑现这些承诺。因此，我们的提案至少是要求公司对这些事项做出披露。毕竟，Costa自己已经多年宣称要做这件事。

Now in the company's response, the opposition statement, and we really appreciate the Board's thoughtful approach to our proposal, obviously, we didn't see eye to eye, but in that response, the company says that Costa has deployed a number of interventions regarding food waste, including optimizing product ranges, improving forecasting, et cetera, et cetera.

我们也看到了公司在委托书中提出的反对声明。我们非常感谢董事会对本提案的认真对待。虽然我们在立场上不完全一致，但我们确实注意到，公司表示Costa已采取了多项应对食品浪费的措施，包括优化产品组合、改进销售预测等。

But in our view, the more a company invests in food waste reduction, the more shareholders deserve the fundamental data needed to understand the return on that investment. The more that they put into reducing food waste, shareholders should be able to measure that. And you should be able to see, okay, well, how much food waste is actually being generated year-over-year and what targets are the company working toward.

但我们认为，一个公司在减少食品浪费方面投入越多，股东就越有权利获得基本的数据，以了解这类投入带来的回报。你投进去越多，就应该让股东能量化衡量：每年到底产生了多少食物浪费，公司为此制定了哪些目标？

But the only measurements they disclose are vague and impossible for us to understand. Like for example, in the opposition statement, they say that in 2023, Costa saved over 800,000 bags of food without quantifying how much is in a bag of food in terms of metric tons or any other measurement. So we have no way of knowing what 800,000 bags of food means. We also don't know what the total number of bags of food waste generated is. So 800,000 out of how many bags were saved?

但目前他们披露的数据非常模糊，根本无法理解。例如，在反对声明中，公司表示Costa在2023年节省了80万袋食物，但没有说明“1袋食物”到底是多少——是按吨数算？还是其他什么单位？我们根本无从判断“80万袋”的具体含义。另外，公司也没告诉我们总共产生了多少袋食物浪费，那这80万袋到底是从多少袋中节省出来的呢？

So that's really it. I mean the only other point that I'd like to add is that food waste reduction has proven financial benefits. There's an organization led by the CEO of Kellanova, the CEO of Tesco, Nestlé, the Chief Economist for the Food and Agriculture Organization. And this organization, led by these industry experts, has found, for example, that businesses can save $14 on every dollar spent reducing food waste, so a median benefit to cost ratio of 14:1 on food waste reduction.

这就是我们想表达的全部。最后我还想补充一点：减少食品浪费的财务效益是有据可依的。有一个组织，由Kellanova的CEO、Tesco的CEO、雀巢公司以及联合国粮农组织的首席经济学家牵头。该组织研究发现：企业在减少食品浪费方面，每投入1美元可节省14美元，即食物减废的投资回报中位数高达14:1。

So in light of all that, we think it's reasonable to ask the company just, hey, disclose food waste measurements and measurable targets for reducing it. We don't seek to prescribe what those targets should be. We just think that the company should have them.

因此，综合来看，我们认为，要求公司披露食物浪费的数据和减少浪费的可衡量目标是完全合理的。我们并不打算规定公司应设定什么目标，只是认为公司应该有这些目标。

Thanks so much, and thanks again to the Board for considering the proposal. Although we didn't see eye to eye, again, we appreciate its attention. Thanks so much. Bye.

非常感谢大家，也再次感谢董事会考虑我们的提案。虽然我们在观点上可能存在分歧，但我们依然感谢董事会给予的关注。谢谢，再见。

James Quincey Chairman & CEO

Thank you for presenting the proposal, Mr. Prescott. As we've said, food waste is a global challenge, and we will have a part to play in reducing it. For The Coca-Cola Company's general global system, our operations result in little food waste. We purchase processed ingredients from agricultural industrial suppliers, which are used in our beverages and sold in shelf-stable formats, such as orange juice, apple juice and refined sugar, which again result in little food waste.

谢谢Prescott先生提出该提案。正如我们所说，食品浪费是全球性挑战，我们确实有责任参与解决这一问题。就可口可乐公司整体的全球运营体系而言，我们的业务所产生的食物浪费极少。我们采购的是农业加工产业的原材料，用于制造饮品，这些产品最终以橙汁、苹果汁、精制糖等货架稳定的形式销售，因此几乎不产生食物浪费。

With that said, as the proponent mentioned, the proposal on food waste is relevant for businesses like Costa Limited, and that's obviously correct. Our company owns it, and we have 4,000 company-operated franchise sites and 16,000 self-service coffee bars around the world. To reduce food waste, Costa has deployed a number of interventions, and these include optimizing product ranges, improving forecasting and stock management and discounting goods with shorter shelf lives. And where possible, surplus food and coffee ground waste is also collected and sent to facilities who give waste a second life.

当然，正如提案人所指出，食品浪费的议题对于Costa等业务而言尤其相关，这是事实。我们公司拥有Costa，全球范围内运营约4,000家直营门店及16,000个自助咖啡站。为减少浪费，Costa已采取多项措施，包括优化产品组合、改进销售预测与库存管理、为临期商品提供折扣销售等。在条件允许的情况下，Costa还会收集剩余食物及咖啡渣，运送至专业设施进行再利用。

In Costa's U.K.-operated stores, data on waste is recorded in detail and it's monitored against internal goals. And for a number of years, Costa has been engaged in industry collaborations, including efforts to divert surplus edible food waste. Because of all the progress I've just outlined, the Board believes that developing a dedicated and separate report to address this shareowner proposal is unnecessary.

在英国的Costa门店中，食品浪费数据会被详细记录，并与内部目标进行对比和监控。此外，Costa多年来也一直参与行业合作项目，包括努力引导可食用剩余食物的再分配。基于以上这些持续性进展，董事会认为没有必要再单独制定一份专门的报告来回应此项股东提案。

James Quincey Chairman & CEO

Jennifer, would you please present the sixth item?

Jennifer，请介绍第六项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Our sixth business item is a shareowner proposal regarding creation of an Improper Influence Board Committee. This proposal and the Board's response begin on Page 95 of your proxy statement. Stefan Padfield with the National Center for Public Policy Research will present the proposal. The proponent has chosen to prerecord their remarks.

第六项议题是关于成立“不当影响审查董事会委员会”的股东提案。该提案及董事会回应详见委托书第95页。此次将由美国国家公共政策研究中心（National Center for Public Policy Research）的Stefan Padfield介绍该提案。提案人选择通过预录方式陈述。

I will now ask Computershare to play the recording.

现在请Computershare播放该录音。

Stefan Padfield

My name is Stefan Padfield, and I am the Executive Director of the Free Enterprise Project, which is part of the National Center for Public Policy Research. The National Center is the proponent of Item 6, which asks the Board to create a Board-level Improper Influence Committee to assess the extent to which the company's decision-making has been improperly influenced by the non-pecuniary policy preferences of directors, executives or money managers.

我是Stefan Padfield，自由企业项目（Free Enterprise Project）执行董事，该项目隶属于美国国家公共政策研究中心（National Center for Public Policy Research）。本中心是第6号提案的提出方，提案要求董事会设立一个“董事会层面的不当影响委员会”，以评估公司决策是否受到董事、高管或资产管理人非金钱性政策偏好的不当影响。

Why does Coke need such a Board-level committee? First, the company appears to be all in on agendas that many Americans believe are radical and leftist, including embracing utopian environmental goals, dividing employees on the basis of race and sex in the name of DEI and scoring 100% on the Human Rights Campaign Corporate Equality Index, which has been described as a woke credit scoring system that promotes transgenderism.

为什么可口可乐需要这个董事会委员会？首先，该公司似乎全力投入了一些被许多美国人视为激进且偏左的议程，比如追求乌托邦式的环保目标、以“多元、公平、包容”（DEI）之名将员工按种族和性别划分、以及在人权运动组织（Human Rights Campaign）的企业平等指数上获得100%满分——该指数已被形容为推动跨性别主义的“觉醒信用评分体系”。

Are we really to believe that objective expected value calculations have somehow just coincidentally landed Coke on all these far-left platforms? Is it also a coincidence that according to the 1792 Exchange, the political contributions of Coke's leadership favor Democrats over Republicans by a ratio of roughly 4:1 with $5,144,488 apparently flowing to Democrats recently? No wonder the 1792 Exchange has rated Coke a high risk on its corporate bias ratings.

我们是否真的要相信，是通过“客观的预期收益计算”，可口可乐才会“恰巧”落在所有这些极左议题上？又是否巧合，根据1792 Exchange的披露，可口可乐高层的政治捐款中，大约以4:1的比例偏向民主党，最近似乎已有514万美元流向民主党？难怪1792 Exchange将可口可乐在“企业偏见评级”中列为高风险。

Second, as we note in our proposal, Cooley has reported that 57% of directors say that they have not discussed their companies' positions on social and public policy issues with their Boards in the past year. That's a lack of attention that certainly can leave room for motivated activist employees to push radical leftist agendas under the cover of nice-sounding words like inclusivity.

其次，正如我们在提案中指出的，Cooley公司报告显示，57%的董事表示在过去一年中并未与董事会讨论公司在社会和公共政策议题上的立场。这种忽视，显然为积极激进的员工提供了空间，使其可借助诸如“包容性”之类的好听辞藻，推动激进左翼议程。

The company claims, in opposition to our proposal, that the requested Board committee and resulting report recommended in the proposal are not necessary because according to the Board, such a committee would address an isolated and perceived issue of a stakeholder, but one would truly have to have one's head in the sand to conclude that the concerns proponent raises about ESG, DEI and transgenderism are isolated and merely perceived by the proponent who happens to be a shareholder. Note as just one example the growing list of companies and brands that have recently done an about-face on one or more of these issues. The fact that Coke can be so dismissive of these concerns is itself indicative of the need for the committee and report the proposal requests.

公司在反对意见中表示，设立提案中所要求的委员会及报告“并无必要”，理由是该委员会将针对某一利益相关方的“孤立且主观”的问题。然而，若有人认为我们所提出关于ESG、DEI和跨性别议题的担忧只是“孤立个案”或提案人“个人的感觉”，那无异于掩耳盗铃。我们可以看到，已有越来越多的公司和品牌在上述议题上做出转向。可口可乐对这些担忧的轻描淡写，反而更说明了设立该委员会和报告的必要性。

For all these reasons, I ask you to vote in favor of Item 6.

基于以上种种理由，我呼吁各位支持第6号提案。

James Quincey Chairman & CEO

Thank you for presenting the proposal. But we still believe that the requested Board committee and resulting report are not necessary. The proponent has used a variety of provocative language and claims to support the position that a new Board committee is needed. The Board disagrees with these claims and also believes that the viability of such a committee is questionable with little chance of tangible outcomes.

感谢您对本提案的陈述。但我们仍认为，设立所提议的董事会委员会及相关报告并无必要。提案人使用了多种挑衅性语言和主张来支持设立新委员会的立场，董事会并不认同这些主张，并认为该委员会的可行性存疑，难以带来实质成果。

As we said in our proxy statement, the formation of a new Board committee should be taken seriously and support the company's strategy for building shareowner value. Creating a new committee to address the proponent's claims is, in the opinion of the Board, an inappropriate use of time and resources. For these reasons, we believe that creating a Board committee and report to address the shareowner proposal is not necessary.

正如我们在委托书中所说，设立新的董事会委员会是一项严肃决策，必须支持公司为提升股东价值所制定的战略。董事会认为，为回应本提案所设立的委员会将是不恰当的时间与资源使用。因此，我们认为没有必要为此设立专门委员会与报告。

类似巴菲特的声明。

James Quincey Chairman & CEO

Jennifer, would you please present the seventh item?

Jennifer，请介绍第七项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Our seventh business item is a shareowner proposal regarding DEI goals and executive pay. This proposal and the Board's response begin on Page 97 of your proxy statement. Paul Chesser, representing the National Legal and Policy Center, will present the proposal. The proponent has chosen to prerecord their remarks.

第七项议题是关于“多元、公平与包容（DEI）目标与高管薪酬挂钩”的股东提案。该提案及董事会回应详见委托书第97页。此次将由国家法律与政策中心（National Legal and Policy Center）的Paul Chesser介绍该提案，提案人选择通过预录方式陈述。

I will now ask Computershare to play the recording.

现在请Computershare播放该录音。

Paul Chesser

Good morning. Coca-Cola's Board and legal team tried extremely hard to keep our proposal, which is Item 7 on the proxy statement, from being considered at this meeting. The proposal calls upon the Board's Compensation Committee to reexamine and consider eliminating the portion of its executive pay that is incentivized by pursuing diversity, equity and inclusion, or DEI goals.

大家早上好。可口可乐的董事会及法律团队曾极力阻止我们提交的第7号提案在此次会议中被审议。本提案要求董事会薪酬委员会重新评估，并考虑取消将高管薪酬与“多元、公平与包容”（DEI）目标挂钩的做法。

美国版的文化大革命。

Nearly all of corporate America has recognized that DEI policies have become toxic and rejected by most consumers in the United States, but Coca-Cola still clings to these discriminatory practices. For example, Coke's top competitor, PepsiCo, eliminated DEI-based executive incentives, and we withdrew our proposal there. You would think that Coca-Cola would proudly and hourly boast that it is holding on to DEI, but the Board quietly downplays it and then misleads shareholders about it.

美国几乎所有企业界都已意识到，DEI政策如今已变得有毒，并遭到美国大多数消费者的拒绝，但可口可乐仍在坚持这些带有歧视性的做法。比如，可口可乐的主要竞争对手百事可乐已取消了基于DEI的高管激励措施，因此我们在百事撤回了相关提案。你也许会以为可口可乐会高调炫耀自己坚持DEI，但实际上董事会却在刻意淡化其存在，并误导股东。

Our proposal, Item 7, explains why the company should look hard at removing DEI-based incentives from top executives' compensation formulas. Rather than just admit that they don't want to do that, instead, Coca-Cola states in its opposition response to the proposal that in so many words that they're already doing that. In its attempt to convince the Securities and Exchange Commission to allow the company to exclude our proposal, Coca-Cola made that very argument that they have already "substantially implemented the proposal" and, therefore, it should not be allowed at this annual meeting.

我们的第7号提案详细说明了为什么公司应当认真考虑将DEI目标从高管薪酬计算中剔除。但可口可乐并未直接承认他们不打算这么做，而是在反对意见中含糊其辞地表示“我们其实已经在做了”。在试图说服美国证监会（SEC）允许公司不将此提案纳入年会审议事项时，可口可乐提出的理由就是，他们“已实质性地实施了本提案内容”，因此不应再予以表决。

There's just one problem. You, my fellow shareholders, are hearing me present this proposal, Item 7, because the SEC told the company that in its expert view, Coca-Cola absolutely has not already implemented this proposal. That is clear in the compensation discussion of the proxy statement. You see all the nonfinancial goals of what Coca-Cola calls the Business Performance Factor for its executives' annual compensation are based on one consideration, and that is inclusion.

但问题在于，现在我正在这里陈述本提案——说明SEC驳回了可口可乐的说法。在SEC专家的意见中，公司显然并未真正实施本提案内容。这一点在委托书的“薪酬讨论”中已有明确体现。所谓高管年度薪酬中的“经营绩效因素”（Business Performance Factor）中的非财务目标，其实完全基于一个考量，那就是“包容性”。

They're called nonfinancial goals because basically, the Compensation Committee can award however much bonus money it wants just as long as executives demonstrate to committee members that they have made "progress" on inclusion. But here's possibly the worst part. In its opposition to our proposal, Item 7, Coca-Cola tells you, fellow shareholders, the exact same thing that it told the SEC, that it has already implemented our proposal. As I told you moments ago, the SEC thoroughly rejected Coca-Cola's claim, yet the Board repeated that same information to you anyway in the proxy. That's why my organization has filed a complaint with the SEC against Coca-Cola for disseminating materially false information to shareholders.

它们之所以被称作“非财务目标”，是因为只要高管能向薪酬委员会展示自己在“包容性”方面取得“进展”，委员会就可以随意决定发多少奖金。但更严重的是，可口可乐在反对我们第7号提案时对股东说的，和他们对SEC说的一模一样：声称已经落实本提案。正如我刚才所说，SEC已经完全否定了该说法，但公司董事会仍在委托书中对各位股东重复相同的信息。因此，我们已向SEC投诉可口可乐，指控其向股东传播“重大虚假信息”。

Please vote for Item 7.

请支持第7号提案。

James Quincey Chairman & CEO

In spite of what the proponent just said, we considered this proposal unnecessary because the Talent and Compensation Committee of the Board, in fact, already did what the proposal is asking for. All of this is detailed in the proxy statement, which has been available to the proponent for 6 weeks, but let me explain it briefly now.

尽管提案人刚才提出了一些主张，但我们认为该提案并无必要，因为董事会的人才与薪酬委员会实际上已经完成了提案所要求的事项。这些内容已在委托书中详细说明，并已向提案人开放达六周之久。现在我简单说明一下。

The proposal requested that the Talent and Compensation Committee revisit, identify and consider treatment of certain nonfinancial measures. The committee has already done this. Committee evaluates the company's executive compensation program annually. And as part of its annual routine, the committee reviewed the performance measures to be included in our executives' 2025 annual incentive and PSU programs and provided a summary of the 2025 decisions, which can be found on Page 46 of the proxy statement. Given that the proposal requested the committee complete what has already been completed, we feel our response recommending a vote against the proposal is appropriate.

本提案要求人才与薪酬委员会重新审视、明确并评估某些非财务衡量指标的处理方式，而委员会实际上已经完成了这些工作。作为年度例行评估的一部分，委员会已审查了拟纳入2025年度激励与绩效股票计划（PSU）中的绩效指标，并在委托书第46页中提供了相关决策概要。鉴于提案所要求的工作已全部完成，我们认为建议投票反对该提案是合理的。

James Quincey Chairman & CEO

Jennifer, would you please present the eighth item?

Jennifer，请介绍第八项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Our eighth business item is a shareowner proposal regarding a report on brand image impacts. This proposal and the Board's response begin on Page 99 of your proxy statement. Andrew Behar from As You Sow, representing Michael E. Monteiro, will present the proposal. The proponent has chosen to prerecord his remarks.

第八项议题是有关“品牌形象影响报告”的股东提案。该提案及董事会回应详见委托书第99页。该提案将由公益组织As You Sow的Andrew Behar代表提案人Michael E. Monteiro进行陈述，提案人选择通过预录方式发言。

I will now ask Computershare to play the recording.

现在请Computershare播放该录音。

Andrew Behar

Dear fellow shareholders, we urge you to vote for shareholder Proposal #8, requesting the Coca-Cola Company to prepare a report analyzing the potential risks to its brand, customer loyalty, corporate culture and shareholder value stemming from misalignment between corporate values and event sponsorships.

亲爱的股东同仁们，我们呼吁您支持第8号股东提案，要求可口可乐公司就其企业价值观与所赞助活动之间的不一致所可能带来的品牌风险、客户忠诚度、企业文化及股东价值受损问题，编制一份分析报告。

Coca-Cola's web page titled Creating a culture of diversity, equity and inclusion, states that "Diversity, equity and inclusion are at the heart of our values and our growth strategy and play an important part in our company's success. We leverage the remarkable diversity of people across the world to achieve our purpose of refreshing the world and making a difference. Our aspiration is not only to reflect the diversity of the markets we serve, but also to lead and advocate for a better shared future."

可口可乐在其网页《营造多元、公平与包容文化》中写道：“多元、公平与包容是我们价值观与增长战略的核心，并在公司成功中发挥着重要作用。我们借助全球各地人群的多样性，来实现‘让世界焕然一新、产生积极影响’的使命。我们的愿景不仅是反映我们所服务市场的多样性，还要引领并倡导更美好的共同未来。”

Coca-Cola's sponsorship of politically divisive events is incongruous with these statements. In September 2024, Coca-Cola sponsored the Canada Strong event, in which the keynote speaker was Christopher Rufo, a leading architect of fear-based culture wars. Rufo has explicitly outlined his strategy of using cultural flash points to stoke fear and manipulate public discourse for political gain. This sponsorship directly contradicts Coca-Cola's publicly stated commitments, a brand that is associated with "teaching the world to sing in perfect harmony" and potentially alienating over half of our customers.

但可口可乐赞助具有政治分裂性的活动，与上述承诺背道而驰。2024年9月，可口可乐赞助了“Canada Strong”活动，其主讲嘉宾是Christopher Rufo——一位主张以恐惧为基础的文化战争的核心人物。他曾明确表示要利用文化热点制造恐惧、操控公共舆论以谋取政治利益。这一赞助行为与可口可乐“让世界和谐歌唱”的品牌形象明显相悖，也有可能疏远超过一半的客户群体。

The company asserts that its engagement in public policy and sponsorship of events like Canada Strong serves to foster dialogue and support diverse viewpoints. However, this position is disingenuous and fails to address the substantial brand risk associated with aligning Coca-Cola's name and logo with divisive political figures that promote exclusionary and extremist ideologies.

公司辩称其参与公共政策和赞助如“Canada Strong”此类活动，是为促进对话并支持多元观点。然而，这种说法并不真诚，也未能正视这样做所带来的重大品牌风险——即将可口可乐的名称与标识与推动排他性与极端主义意识形态的人物捆绑在一起。

A coalition of shareholders representing over $63 billion in assets sent a letter to management prior to the event, asking them to withdraw sponsorship and expressed concern that Coca-Cola sponsorship "associates our brand with decisiveness, homophobia, hate speech and far-right radical activism." The letter was ignored. And after sending it twice, no response was ever received.

一支代表超过630亿美元资产的股东联盟在活动前向管理层发信，要求撤销赞助，并表达担忧，指出可口可乐的支持“将我们的品牌与分裂、恐同、仇恨言论及极右翼激进主义联系在一起。”这封信被无视。信件两次发送后，仍未收到任何回应。

It underscores that such an association will likely, one, diminish brand equity and goodwill. Brand reputation is one of Coca-Cola's most valuable assets, and any erosion of public trust can have significant financial implications. Two, alienate loyal customers who expect Coca-Cola to uphold its commitments to inclusion and social responsibility; and three, harm talent retention and recruitment as top employees increasingly consider corporate social values in their employment decisions.

这件事说明如下三点风险：第一，会削弱品牌价值与商誉。品牌声誉是可口可乐最重要的资产之一，任何公众信任的流失都将带来重大财务影响；第二，会疏远那些期待可口可乐践行其包容与社会责任承诺的忠实顾客；第三，会损害人才留存与招聘，因为越来越多优秀人才在择业时重视企业的社会价值观。

We urge you to vote for shareholder proposal Item #8 to make sure the Coca-Cola brand is associated with harmony and refreshment, not divisiveness and fear.

我们敦促您支持第8号股东提案，确保可口可乐品牌始终与“和谐”和“清新”相连，而不是“分裂”与“恐惧”。

James Quincey Chairman & CEO

Thank you for presenting the proposal. We believe this report is unwarranted. To begin with, our company recognizes that in today's environment, not every shareowner will agree with every decision the company makes. In this case, we believe that sponsoring an event does not equate to endorsing the opinions of every speaker at the event. The conference the proponent cites represents only one example of our company's broader participation in the public policy process. By sharing views, constructive arguments and informed perspectives with policymakers, we can have a positive impact on the policy decisions that impact our business.

感谢您对提案的陈述。我们认为该提案要求的报告并无必要。首先，我们公司承认在当今环境下，不是每位股东都会认同公司的每一项决策。就本案而言，我们认为，赞助一项活动并不等同于认同该活动中每位发言人的观点。提案人所提到的会议只是我们公司广泛参与公共政策过程的一个例子。通过与政策制定者分享观点、建设性论据和有见地的看法，我们可以对影响公司业务的政策决策产生积极影响。

We support and actively participate in organizations that can directly influence public policy. Membership in these organizations provides access to valuable connections and collaboration with other companies, industry leaders, government officials and regulators. Importantly, these organizations represent a variety of perspectives with both like-minded and opposing views on key issues.

我们支持并积极参与那些能直接影响公共政策的组织。加入这些组织使我们能够与其他公司、行业领袖、政府官员及监管机构建立宝贵联系并开展合作。值得强调的是，这些组织在关键议题上代表着多种观点，其中既有与我们理念一致的，也有持不同意见的声音。

Canadian organization referred to in the proposal is one such organization with which our company engages, and our company is among several prominent sponsors. It is a mainstream group that has been active in Canada for nearly 20 years. Ultimately, we believe it is important to support diverse viewpoints, open dialogue and a commitment to free speech. Exposure to differing opinions is a good thing and, in this case, allows audiences to critically evaluate ideas. For these reasons, we believe that there is no useful purpose for the report requested.

提案中提到的加拿大组织正是我们公司所接触的此类组织之一，我们只是其众多主要赞助者之一。该组织是加拿大的主流团体，活跃已有近20年。归根结底，我们认为支持多元观点、开放对话和捍卫言论自由至关重要。接触不同观点本身就是好事，特别是在这种情况下，有助于听众对观点进行批判性思考。基于以上原因，我们认为提案要求的报告没有实际价值。

James Quincey Chairman & CEO

Jennifer, would you please present the ninth item?

Jennifer，请介绍第九项议题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Our ninth business item is a shareowner proposal regarding a report on civil liberties and advertising services. This proposal and the Board's response begin on Page 101 of your proxy statement. Rick Figueroa from Bowyer Research, representing a shareowner, will present the proposal. The proponent has chosen to prerecord their remarks.

第九项议题是关于“民权与广告服务报告”的股东提案。该提案及董事会回应详见委托书第101页。该提案将由Bowyer Research的Rick Figueroa代表股东进行陈述，提案人选择以预录方式发言。

I will now ask Computershare to play the recording.

现在请Computershare播放该录音。

Rick Figueroa

My name is Rick Figueroa. I represent the proponent for Proposal #9. This proposal asks Coca-Cola to commit to politically neutral advertising policies. More and more companies from Meta to McDonald's are moving away from taking political sides in their business practices. Why? Because neutrality is becoming the best practice. It avoids controversy, protects brand reputation and focuses on business, not politics.

我是Rick Figueroa，代表第9号提案的提案方。该提案要求可口可乐承诺实行政治中立的广告政策。越来越多的公司，例如Meta和麦当劳，正在从“站队政治”的商业做法中退出。为什么？因为政治中立正在成为业界最佳实践——它能避免争议、保护品牌声誉，并让公司专注于业务本身，而非政治。

Now Coca-Cola says it champions a culture where everyone is included. That's a great goal. But if everyone truly belongs, then political neutrality should be part of the vision, too, especially when it comes to where and how Coca-Cola spends its ad dollars. Unfortunately, Coca-Cola was a member of GARM, The Global Alliance for Responsible Media. And that group worked to keep advertising money away from platforms that label as promoting disinformation or hate speech. But in reality, it's often meant targeting right-leaning media outlets like The Daily Wire or platforms like Spotify for hosting voices like Joe Rogan. It wasn't about responsibility; it was all about politics.

可口可乐声称自己致力于营造一个“人人归属”的包容文化，这是一个很好的愿景。但若人人都被包容，政治中立也应成为其愿景的一部分——尤其是在广告投放方向和方式上。不幸的是，可口可乐曾是“全球责任媒体联盟”（GARM）的成员。该组织致力于将广告预算从被贴上“虚假信息”或“仇恨言论”标签的平台上撤出。但实际上，他们往往针对的是偏保守派媒体，如《每日连线》（The Daily Wire），或像Spotify这样的播客平台，仅因其提供了Joe Rogan等人的发声渠道。这与“责任”无关，实质上是政治操作。

GARM used enormous amount of ad spending to push activist goals, and it backfired. There was legal and political pushback. Even Elon Musk has filed suit against GARM targeting his platform, X. Eventually, the group shut down. And an antitrust nominee for President Trump's DOGE said GARM is probably a form of illegal collusion, but the damage has been done.

GARM动用了大量广告资金来推进激进主义目标，结果适得其反。该组织遭到了法律和政治上的强烈反弹。甚至Elon Musk也因其平台X而起诉GARM。最终，GARM被迫关闭。特朗普政府提名的一位反垄断官员甚至指出，GARM“很可能是一种非法串通”的表现。但此时，损害已造成。

Shareholders are right to expect Coca-Cola to set back from partisan ad policies and commit to neutrality going forward. That's what Proposition 9 is about. It's a chance for Coca-Cola to rebuild its trust with shareholders and to focus on what matters: fairness, neutrality and smart business. So I ask you please to vote for Proposal #9.

股东有理由期待可口可乐远离党派化广告政策，并在未来承诺政治中立。这正是第9号提案的核心。它为可口可乐提供了一个重建与股东之间信任的机会，也能让公司重新专注于真正重要的事务：公平、中立和理智的商业行为。请投票支持第9号提案。

James Quincey Chairman & CEO

Thank you for presenting the proposal. We believe this report is unwarranted. Despite what the proposal suggests, our company is committed to responsible marketing practices. The Coca-Cola Company's approach to marketing is consistent with the International Chamber of Commerce Marketing and Advertising Code and its framework for responsible food and beverage marketing communication. We support these guiding principles across our marketing communications.

感谢您陈述该提案。我们认为此项提议要求的报告并不必要。尽管提案中提出了种种观点，但我公司始终致力于负责任的营销实践。可口可乐的营销策略遵循《国际商会市场营销与广告准则》以及负责任食品饮料营销传播的框架。我们在各类营销沟通中始终支持并落实这些指导原则。

The company chooses advertising platforms based on its business objectives and policies. Contrary to claims in this proposal, GARM did not dictate the platforms on which the company advertises nor did it dictate what content the company can post on media platforms. As one of the company's core functions to drive business growth, company invests considerable time, energy and resources into advertising decisions, including whether and how to advertise and which advertising channels to use.

公司选择广告投放平台是基于其业务目标与内部政策。与提案中的说法相反，GARM并未决定公司在哪些平台投放广告，也未限制公司在媒体平台发布何种内容。广告是推动公司业务增长的核心职能之一，我们在广告决策中投入了大量时间、精力和资源，包括是否投放、如何投放，以及选择哪些广告渠道。

In our highly competitive industry, advertising effectiveness affects the sales of products and services and is integral to our success. Decisions about the company's advertising strategy, advertising spend and where it promotes its brands are fundamental to our ability to run the company on a day-to-day basis. And as a practical matter, it simply wouldn't be prudent to subject them to shareowner directives as this proposal would have us do so. Thank you.

在我们这个竞争激烈的行业中，广告效果直接影响产品和服务的销量，是我们取得成功不可或缺的一环。公司关于广告策略、广告预算和品牌推广方向的决策，都是我们日常运营的核心组成部分。从实际操作角度来看，若按本提案所述将这些事务置于股东指令之下，是不切实际的，也是缺乏审慎的做法。谢谢。

James Quincey Chairman & CEO

And that concludes the voting matters. Jennifer, please draw this portion of our annual meeting to a close, at which point I will conduct the Q&A.

至此，所有投票议题已讨论完毕。Jennifer，请正式结束本次年会的业务环节，随后我将主持问答环节。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Since all voting matters have been presented, that concludes the business portion of our meeting. The polls will close at the end of the Q&A session. Any shareowner who has not yet voted or who wishes to change their vote may do so by clicking the Cast Your Vote link on the virtual meeting page. Shareowners who have already submitted a proxy or who have voted by telephone or Internet and do not wish to change their votes do not need to vote again.

随着所有投票事项的介绍完成，会议的业务环节现已结束。投票将在问答环节结束后正式关闭。尚未投票或希望更改投票的股东，可点击虚拟会议页面上的“提交投票”（Cast Your Vote）链接进行操作。已通过代理、电话或网络投票且不打算更改的股东，无需再次投票。

The following are the preliminary voting results. If you voted today, your vote will be tallied after the meeting and included in our final vote.

以下是初步投票结果。若您在今天进行投票，您的投票将在会后统计并计入最终结果。

The inspectors of election report that each nominee for election as director has received at least a majority of the votes cast in favor of their election. Therefore, all of the director candidates have been elected to serve as a director until 2026.

投票监督员报告称，每位董事候选人均获得了超过半数的赞成票，因此所有候选人均已当选，将任职至2026年。

The advisory vote to approve executive compensation has received an affirmative vote of 91% and, therefore, has passed.

有关高管薪酬的咨询性投票获得91%的赞成票，因此该议案已获得通过。

The management proposal on the ratification of Ernst & Young LLP as auditors for the 2025 fiscal year has received an affirmative vote of 93% and, therefore, has passed.

关于确认安永会计师事务所（Ernst & Young LLP）为2025财年审计机构的管理层提案获得93%的赞成票，因此已通过。

The shareholder proposal regarding an assessment of non-sugar sweeteners received an affirmative vote of only 11.34% and, therefore, did not pass.

有关评估非糖甜味剂的股东提案仅获得11.34%的赞成票，因此未获通过。

The shareowner proposal regarding a report on food waste received an affirmative vote of only 12.47% and, therefore, did not pass.

有关食品浪费报告的股东提案仅获得12.47%的赞成票，因此未获通过。

The shareowner proposal regarding creation of an Improper Influence Board Committee received an affirmative vote of only 0.85% and, therefore, did not pass.

有关设立“不当影响董事会委员会”的股东提案仅获得0.85%的赞成票，因此未获通过。

The shareowner proposal regarding DEI goals and executive pay received an affirmative vote of only 1.1% and, therefore, did not pass.

有关DEI目标与高管薪酬挂钩的股东提案仅获得1.1%的赞成票，因此未获通过。

The shareowner proposal regarding a report on brand image impact received an affirmative vote of only 4.7% and, therefore, did not pass.

有关品牌形象影响报告的股东提案仅获得4.7%的赞成票，因此未获通过。

The shareowner proposal regarding a report on civil liberties and advertising services received an affirmative vote of only 0.76% and, therefore, did not pass.

有关民权与广告服务报告的股东提案仅获得0.76%的赞成票，因此未获通过。

That concludes the preliminary vote report.

以上为初步投票结果报告。

上市公司的提案几乎没有像样的，这种白痴文化的形成有点意思。

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Thank you, Jennifer. We will now turn to the question-and-answer session. We will take questions from those who are attending virtually today, and we also have several questions to address that were submitted in advance. [Operator Instructions]

谢谢你，Jennifer。我们现在进入问答环节。我们将回答今天线上参会者提出的问题，同时也会处理预先提交的若干问题。[操作说明]

We would like to answer as many of your questions as we can during the meeting. To help us do so, please keep your questions succinct and to the point. We welcome questions or comments about any of the voting items we just covered or the general business affairs of the company. Questions regarding personal matters, employment matters, product issues or suggestions for product innovation and, importantly, questions that personally disparage someone will not be presented.

我们希望在会议期间尽可能回答各位的问题。为此，请保持问题简明扼要。我们欢迎就刚才表决事项或公司一般业务提出问题或意见。涉及个人事务、雇佣事项、产品问题或产品创新建议，尤其是对个人进行贬损的提问，将不予呈现。

Therefore, Jennifer, could you please get the first question?

因此，Jennifer，请提出第一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购/战略交易副总法律顾问

Our first question is from Frances Fairhead-Stanova of Green Century Asset Management. When Coca-Cola updated its environmental goals in December 2024, the company dropped its goal to deliver 25% of its beverages in reusable containers by 2030 and its goal to reduce plastics footprint by 3 million metric tons by 2025. This was a huge setback because of the power that reusable packaging has to decrease plastic usage, which pollutes our environment and has been linked to negative health outcomes.

我们的第一个问题来自绿色世纪资产管理公司的Frances Fairhead-Stanova。可口可乐在2024年12月更新环境目标时，取消了到2030年将25%的饮料以可重复使用包装交付，以及到2025年减少300万吨塑料足迹的目标。这令人十分失望，因为可重复使用包装在减少塑料用量方面具有巨大潜力，而塑料污染环境并与不良健康结果相关。

But Coca-Cola also stated that it intends to invest to expand the use of refillable packaging in markets where infrastructure is in place to support this important part of the company's portfolio. Please share examples of the company's current plans and activities to expand the use of reusable packaging in these markets and how it intends to share this progress with stakeholders.

不过，可口可乐也表示，计划在已有相应基础设施的市场投资，扩大可再填充包装的使用，以支持这一关键产品组合。请举例说明公司目前在这些市场扩展可重复使用包装的计划和活动，以及公司拟如何向利益相关方通报进展。

James Quincey Chairman & CEO

James Quincey 董事长兼首席执行官

Frances, thanks for asking this question. And we certainly appreciate our ongoing engagement with Green Century and your interest in refillable packaging. First, let me start by reinforcing that we are still really focused on using refillable packaging. While we may not have a formal goal specifically for refillables, they remain a key part of our strategy and they're ingrained in our business operations in many markets.

Frances，感谢你的提问。我们十分重视与绿色世纪的持续沟通，也感谢你们对可再填充包装的关注。首先我要强调，我们仍然非常专注于可再填充包装。虽然我们目前没有针对可再填充包装的正式目标，但它们依旧是我们战略的关键组成部分，并已深深融入许多市场的业务运营。

So just as we seek to offer a portfolio of beverage options, we also seek to provide a portfolio of package options so that consumers can drink our beverages in whatever format they prefer, be that glass, plastic or cans as well as refillable or dispense format with reusable containers. So we continue to grow our refillable volume and production lines, particularly where infrastructure exists.

正如我们致力于提供多样化的饮料组合一样，我们也致力于提供多样化的包装组合，让消费者可以以自己喜欢的形式享用我们的饮品，无论是玻璃瓶、塑料瓶、易拉罐，还是使用可重复使用容器的可再填充或分装形式。因此，我们持续扩大可再填充产品的产量和生产线，尤其是在已有基础设施的市场。

You asked for some examples, so a couple of examples. The returnable glass bottles, as it happens, offer a significant competitive advantage, and we use them in 110 countries around the world. And in 2024, returnable glass bottles contributed 1.6 billion unit cases to our total company volume and exhibited growth that outpaced overall company volume growth. So they were increasing as a share of the mix. And so these bottles are actually vital to our revenue growth management strategy serving, depending on the market you're in, both as an affordability option or as a premium option that's been tailored to that local market's needs.

你要求举些例子，这里有几个。可回收玻璃瓶本身就提供了显著的竞争优势，我们在全球110个国家使用该包装。2024年，可回收玻璃瓶为公司贡献了16亿箱销量，增速超过公司整体增速，占比不断提升。因此，这些瓶子对我们的收入增长管理战略至关重要，在不同市场中既可以作为经济实惠的选择，也可以作为符合当地需求的高端选择。

And as we reported in our environmental update in August, we added an incremental 100 million unit cases of refillable packaging in 2023. And in 2024, we launched a new refillable packaging options in Vietnam. We grew refillable packaging in the Philippines and invested in capabilities in other parts of Africa.

正如我们在8月份的环境更新中所报告的那样，2023年我们新增了1亿箱可再填充包装的销量。2024年，我们在越南推出了新的可再填充包装选项，在菲律宾扩大了可再填充包装业务，并在非洲其他地区进行了相关能力投资。

Furthermore, another example, our bottling partner, Coca-Cola Europacific Partners, announced that over the last 5 years, they've invested EUR 327 million in refillable bottling lines, new refillable packages and reusable crates in Germany. And just last month, CCEP announced the inauguration of the fastest and most flexible returnable glass line in Grigny, one of the facilities in France, a part of a nearly EUR 150 million investment to modernize this site just outside Paris.

另外一个例子，我们的装瓶合作伙伴可口可乐欧洲太平洋合作伙伴公司（CCEP）宣布，在过去五年里，他们已在德国的可再填充灌装线、新型可再填充包装和可重复使用周转箱上投资了3.27亿欧元。就在上个月，CCEP宣布在法国格里尼投产全球最快且最灵活的可回收玻璃瓶生产线，这是其耗资近1.5亿欧元、用于现代化改造巴黎郊外该站点投资的一部分。

So summary -- just bringing it all together in summary, by focusing on these priorities, actually, we're committed to advancing our sustainability goals while continuing to meet consumer expectations and, most importantly, drive long-term growth.

总之，通过专注于这些重点领域，我们致力于推动可持续发展目标的实现，同时继续满足消费者期望，并且最重要的是推动长期增长。

Jennifer, next question.

Jennifer，请提下一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购/战略交易副总法律顾问

Our next question is from Ms. [ Lynch ]. This next topic was actually raised by more than one shareowner. Coca-Cola's portfolio is still dominated by sugary drinks linked to obesity and diabetes. What specific steps are you taking to shift towards healthier beverages? And how does this fit into your long-term growth strategy?

接下来的问题来自[Lynch]女士。事实上，有不止一位股东提出了这一话题。可口可乐的产品组合仍以含糖饮料为主，而含糖饮料与肥胖和糖尿病有关。公司正在采取哪些具体措施转向更健康的饮品？这与贵公司的长期增长战略如何契合？

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Thanks for that question. Coca-Cola is a total beverage company, and we're dedicated to offering a diverse portfolio of drinks, be that from dairy and juices to waters, all the way through low and no-calorie drinks, all intended to cater to various lifestyles and dietary preferences. And so we have invested in products with nutrition and enhanced benefits that align with healthy dietary patterns, including notably in the U.S., fairlife and Core Power, 2 of our newest billion-dollar brands.

感谢这项提问。可口可乐是一家全品类饮料公司，我们致力于提供多样化的饮品组合，涵盖乳制品、果汁、瓶装水，以及低糖和无糖饮料，旨在满足不同生活方式和饮食偏好。因此，我们投资于符合健康饮食模式、具有营养和功能优势的产品，尤其是在美国的 fairlife 和 Core Power——这两个最新迈入十亿美元规模的品牌。

And so in order to keep pace with evolving needs and tastes of consumers, we're really focused on a few key actions. One, and it's true of all our strategies, keeping the consumer at the center of everything we do. That's the starting point to be able to respond to evolving needs and preferences. That leads us to be able to offer a portfolio of beverages for consumers' needs throughout the day, whatever category they want to drink.

为了跟上消费者不断变化的需求和口味，我们专注于几项关键行动。首先，与所有战略一致，我们将消费者置于一切工作的核心，这是回应不断演变的需求和偏好的起点。这使我们能够在一天中的任何时段，为消费者提供所需类别的饮品组合。

And third is to make sure that we're giving the people the information so they can make informed choices about the beverages they choose with clear information and transparency. And lastly, we continue to invest to support a non-sugar sweetener research and product development across our portfolio, and we've spent over $100 million in the last decade or so.

第三，确保向人们提供信息，以便他们能够基于清晰透明的资讯做出明智的饮品选择。最后，我们持续投资于零糖甜味剂的研究与产品开发，过去十年左右在这方面投入已超过1亿美元。

Here are some examples of how we've also brought this vision to be reality. In 2023, we launched 250 reduced or no added sugar products, and approximately 68% of our beverage portfolio contains fewer than 100 calories per 12-ounce serving. By focusing on these actions and innovations and the execution, we are committed to providing consumer choice while maintaining the flavors and experiences our consumers love.

以下是我们将这一愿景化为现实的一些例子。2023年，我们推出了250款减糖或无添加糖产品；约68%的饮品组合每12盎司的热量低于100卡路里。通过专注于上述行动、创新和执行，我们致力于在保留消费者喜爱的口味与体验的同时，为其提供更多选择。

Jennifer, the next question, please.

Jennifer，请下一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购/战略交易副总法律顾问

Our next question is from Mr. [ Wynsberg ]. Coca-Cola continues to be cited as one of the world's largest plastic polluters. What steps are you taking to address plastic usage in your operations and reduce plastic waste?

接下来的问题来自[ Wynsberg ]先生。可口可乐仍被列为全球最大的塑料污染者之一。公司正在采取哪些措施来减少运营中的塑料使用并降低塑料废弃物？

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Thanks. I appreciate that question. Actually, earlier in the meeting for the first question, I shared that we've been investing in a more sustainable business, particularly by focusing on refillables because it's part of the long-term success. We have to be successful if our partners and our communities are successful. And that includes reducing packaging waste beyond refillables, and it's absolutely one of our focused priorities in our updated environmental goals.

感谢提问。事实上，在会议早些时候针对第一个问题时，我已说明我们一直在投资建设更可持续的业务，尤其专注于可再填充包装，因为这对长期成功至关重要。只有我们的合作伙伴和社区取得成功，我们才能成功。这也包括在可再填充之外减少包装废弃物，这正是我们更新后的环境目标中的重点。

But we're also focused on using more recycled material and supporting improved collection rates, both of which require enabling policies and growing collection infrastructure. The collection and recycling of beveraging packages remains challenging as every state and country has unique systems, infrastructure, regulatory environments and sets of consumer preferences and behaviors. What we really need here is collective action at the local level to support packaging collection infrastructure policies.

此外，我们还致力于增加再生材料的使用并提高回收率，而这两方面都需要配套政策和不断完善的回收基础设施。饮料包装的收集与回收仍面临挑战，因为各州和各国在系统、基础设施、监管环境及消费者偏好与行为方面各不相同。我们真正需要的是在地方层面的集体行动，以支持包装回收基础设施政策。

And so we will continue to focus on increased advocacy for well-designed collection systems as these are often the most efficient ways to improve packaging collection rates, and that is the key to greater recyclability. But through local collaboration with both local and global partners, we will continue to explore new collection models or try and improve the existing ones, continue to invest in local infrastructure and engage policymakers.

因此，我们将继续倡导完善的收集体系，因为这往往是提高包装回收率、实现更高可回收性的最有效方式。通过与本地及全球合作伙伴的合作，我们将持续探索新的收集模式或改进现有模式，继续投资于本地基础设施，并与政策制定者保持沟通。

So with that, in addition to our focus on refillables, as I talked about on the first question, we're also focusing that making -- we are making sure that in order to be collected that our primary packaging is also recyclable. And the good news there is almost -- more than 95% of our primary consumer packaging is designed to be recyclable, and we're working on the last few packages.

因此，除了在第一个问题中提到的可再填充包装，我们还确保主要包装本身也能够被回收利用。好消息是，我们超过95%的主要消费包装已经设计成可回收，我们正在努力攻克剩余的少数包装类型。

Thank you for that question. Jennifer, let's go to the next one.

感谢您的提问。Jennifer，我们进行下一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M\&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购/战略交易副总法律顾问

Our next question is from Mr. \[ Pierce ], and this topic was also actually submitted by multiple shareowners. Given the recent trend of some companies like McDonald's and Taco Bell successfully reintroducing fan favorite items, has The Coca-Cola Company considered reviving retired brands such as TaB as part of its innovation strategy? If so, would it be possible to offer flavors like TaB as a limited run perhaps on an anniversary like February 14 or a holiday? It sure would make my wife and many of her friends happy.

下一个问题来自 \[ Pierce ] 先生，该话题同样由多位股东提交。鉴于麦当劳和 Taco Bell 等公司近期成功重新推出粉丝喜爱单品的趋势，可口可乐公司是否考虑将 TaB 等已停产品牌纳入其创新战略并予以复活？如果可以，是否可能在 2 月 14 日等周年纪念日或某个节日限量推出 TaB 等口味？这肯定会让我的妻子和她的许多朋友开心不已。

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Mr. Pierce, thank you for your enthusiasm for TaB and for your question. You're not the first person to have asked me this question over the years. And I guess I should use one of my favorite sayings, which is never say never. We have, in fact, done limited runs of retired products before, including the reintroduction of Surge for a short time in the U.S. I know it's been tough for fans to hear, but we don't, at the moment, have any plans to bring TaB back. But I would say a little more about how we think about our brands.

Pierce 先生，感谢您对 TaB 的热情以及提出的问题。多年来，您并非第一个问我这个问题的人。我想引用一句我常说的话：永远不要说“绝不”。事实上，我们确实曾对退市产品进行过限量复刻，例如曾在美国短暂重新推出 Surge。我知道粉丝们听到现在的回答会感到失望，但目前我们没有重新推出 TaB 的计划。不过，我想进一步说明我们如何看待自家品牌。

Firstly, we believe scale matters a lot for our brands. And we have a robust portfolio of 30 billion-dollar brands that really lead our portfolio of approximately 200 brands around the world. And we focus on the big brands and the scale brands because they have the highest potential for broad consumer appeal and for sustained growth. And we just like to take that list of 30 and make it 40 and onwards.

首先，我们认为规模对品牌至关重要。公司拥有 30 个年销售额达十亿美元的强劲品牌，领衔全球约 200 个品牌组成的庞大组合。我们之所以聚焦大品牌和规模品牌，是因为它们最有可能获得广泛的消费者青睐并实现可持续增长；我们的目标是把这 30 个品牌扩展到 40 个、乃至更多。

So that takes us to the place where it's important for us to put resources behind the ones -- the brands that can really go -- grow and make the right call for the business to retire those that aren't growing. And while these decisions aren't always easy, it is imperative that we stay focused on long-term growth.

因此，我们必须将资源投入到真正具备增长潜力的品牌，同时果断让无增长前景的品牌退出舞台。虽然这些决定并不轻松，但专注长期增长对我们至关重要。

Thank you, Mr. Pierce, for your question. Jennifer, let's go to the next one.

感谢提问，Pierce 先生。Jennifer，请进行下一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M\&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购/战略交易副总法律顾问

Our next question is from Mr. \[ Snyder ]. With the ongoing news about tariffs, how is Coca-Cola handling to prevent any disruptions? And will this impact prices for my favorite Coke products?

我们的下一个问题来自 \[ Snyder ] 先生。鉴于近期与关税相关的新闻，可口可乐公司将如何应对以防止业务受扰？这会影响我最喜欢的可乐产品的价格吗？

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Mr. Snyder, thanks for that question. Look, firstly, we believe we're well positioned to handle potential tariff challenges because we have an all-weather strategy for our company. And in the end, while not all challenges are similar, we have navigated similar situations in our nearly 139-year history. And yes, we're not immune to global trade dynamics. But given the profound localness of our business, we believe the impact will be manageable.

Snyder 先生，感谢您的提问。首先，我们认为公司已具备应对潜在关税挑战的良好条件，因为我们拥有“全天候”战略。在近 139 年的历史中，我们并非首次面临类似难题。同时，我们也无法完全避开全球贸易动态，但鉴于业务的高度本土化特点，我们相信影响可控。

And let me just underline the piece about the localness because in the previous question, I talked about how we're focused on global brands. But actually, the operation of our business is profoundly local. In each country, whether that be the U.S. or Brazil or somewhere else, the global -- largely global brands are brought to life by our bottling partners, which are local businesses through local factories with local employees with local distribution through local retailers for local consumers.

这里我想特别强调“本土化”。虽然上一问题中提到我们专注全球品牌，但公司运营高度依赖当地市场：无论在美国、巴西或其他国家，全球品牌都由本地装瓶合作伙伴负责生产与实施——他们在本地工厂、雇佣本地员工，通过本地渠道把产品送到本地消费者手中。

And it is this profound localness of the business, including largely buying from local suppliers the things that we need, that means that we're not particularly reliant on import/export, which insulates us from global trade dynamics. And so -- not completely, but largely. And so we've learned that when there are supply dynamics, we can manage through it. We are expecting to see some minor impacts. I talked a little bit about that on our earnings call yesterday. But at the current moment, knowing what we know today, we believe that we can manage the impacts of the tariffs.

正是这种深度本土化——包括绝大部分原料采购于本地——使我们对进出口依赖有限，从而较大程度上抵御全球贸易波动。虽然并非完全隔离，但我们已有经验在供应链出现波动时进行应对。预计会有轻微影响，这一点我在昨天的财报电话会上也提及。但基于现有信息，我们认为完全有能力管理关税带来的冲击。

And in the context of the U.S., both the bits that the company runs and the local U.S. bottlers, we think we can stick with our current pricing plans as they are now. And so hopefully, everything will be relatively stable. And that allows us then to keep focused on our broader business strategy of investing in the brands, driving the right packaging choices that people want with affordability options, with premium options and really supporting the demand from consumers for the brands they love, the drinks they love and making sure that we can continue to do that.

就美国市场而言，无论是公司自营部分还是当地装瓶商，我们认为现有定价计划无需调整，希望整体价格能够保持相对稳定。这将让我们继续专注于更广泛的业务战略：投资品牌、提供消费者所需的包装形式——既有价廉之选也有高端之选——并全力支持消费者对心爱品牌和饮品的需求。

So we think we're in a good place. The environment is no doubt going to be dynamic and choppy over the next few quarters, but we think we're in a great starting point to be able to manage through this and keep delivering you the brands you love in the packages you want at fair prices.

因此，我们对当前状况充满信心。未来几个季度的环境无疑会波动起伏，但我们拥有良好的起点来应对挑战，并继续以合理价格向您提供所钟爱的品牌和包装。

Thank you. Next question, Jennifer.

谢谢。Jennifer，下一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M\&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购与战略交易副总法律顾问

Our next question is from Mr. \[ Newman ]. How are recent acquisitions like fairlife and BODYARMOR contributing to the company's growth?

接下来的问题来自 \[Newman] 先生。近期收购的 fairlife 和 BODYARMOR 等品牌如何助力公司增长？

James Quincey Chairman & CEO

James Quincey 董事长兼首席执行官

Thanks, Mr. Newman, for the question. As a company, I think we've excelled at identifying and scaling existing brands. We talked -- John and I talked earlier this year at the consumer conference, CAGNY, about our 30 billion-dollar brand portfolio and how 15 of the 30 we had grown organically, not only the iconic Coca-Cola, but a whole set of additional brands through the years that we have invented and grown ourselves.

感谢 Newman 先生的提问。就公司而言，我认为我们在发现并扩大现有品牌方面表现出色。今年早些时候，John 和我在 CAGNY 消费品大会上谈到了我们的 30 个“十亿美元品牌”组合，以及其中 30 个品牌中的 15 个是我们通过有机方式成长起来的，不仅包括标志性的可口可乐，还包括多年来我们自行创立并发展的其他品牌。

And the other half of the portfolio, the other 15 of the 30 billion-dollar brands that we've created were all acquired through some form of acquisition. The vast majority of those, 12 of the 15 were not billion-dollar brands when we acquired them. They were small, fast-growing, but small brands in which we saw potential and thought that we could grow them much faster. And indeed, 12 of those, we managed to turn into billion-dollar brands. And so only 3 of them that we bought were big.

而投资组合的另一半，即剩余的 15 个“十亿美元品牌”，是通过某种形式的收购获得的。其中绝大多数——15 个中的 12 个——在被我们收购时还不是“十亿美元品牌”。它们是规模不大但增长迅速的小品牌，我们看到了潜力，认为可以将它们发展得更快。事实上，我们成功将其中 12 个品牌打造成为“十亿美元品牌”。因此，我们收购的品牌中只有 3 个本身就很大。

I think there is an underlying track record of being able to find the right brands and products that are going to work for consumers that they're going to love and scaling them over time. And as you point out, we made a number, including fairlife, BODYARMOR, Topo Chico, Costa as well as a few -- a lot of other things, it would be fair to say not all of them work. Some of them underperform our expectations. But in a portfolio sense, we are getting a good return on the capital deployed by the company.

我认为，我们拥有持续发现适合消费者、受其喜爱的正确品牌和产品并在时间推移中加以扩张的良好记录。正如您指出的，我们收购了 fairlife、BODYARMOR、Topo Chico、Costa 以及其他一些品牌——应该说并非所有品牌都成功，有些未达预期。但从投资组合角度看，公司投入的资本仍取得了良好回报。

You mentioned fairlife, certainly one of been -- been one of the more recent standout successes. As we talked about in earnings call this week, fairlife has been especially effective as an acquisition. Again, in the first quarter of 2025, not only did we see a 20% growth in case, in volume and a greater growth in revenue, fairlife in the first quarter of 2025 in U.S. retail was the brand that added most retail dollars to the beverage industry. That comes on being the brand that added most retail dollars to the beverage industry in 2024 as well.

您提到的 fairlife 无疑是近年最突出成功之一。正如我们在本周财报电话会上所述，fairlife 的收购成效尤为显著。再次强调，在 2025 年第一季度，我们不仅实现了 20% 的件数和销量增长，收入增幅更大；在美国零售市场上，fairlife 是 2025 年第一季度为饮料行业贡献零售额最多的品牌，这也是继 2024 年后再次拿下该成绩。

So I think that has been a great investment. We did wonderful things with the partners who helped us, and it's a great addition to the company. And we continue to drive growth there, and we see great long-term opportunities with that brand. So it's a good track record in aggregate. There have been failures along the way, which have been important to recognize. But then, of course, the key is to double down on the ones with most potential and continue to scale those opportunities. So not perfect, but overall, we're confident we've created value.

因此，这是一项出色的投资。我们与合作伙伴通力合作，取得了卓越成果，这是对公司极好的补充。我们将继续推动该品牌增长，并看到其长期发展机遇。整体而言，业绩记录良好，虽然过程中也有失败，必须正视，但关键是要加码最具潜力的品牌并持续扩大这些机遇。并非完美无缺，但总体上我们有信心已经创造了价值。

Jennifer, the next question, please.

Jennifer，请提下一个问题。

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M\&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购与战略交易副总法律顾问

The next question is from Ms. \[ Tush ]. With recent escalations in anti-American sentiment in some places, is Coca-Cola seeing any impact to the business? And is there a plan in place to mitigate any risk?

下一位提问者是 \[Tush] 女士。鉴于近期部分地区反美情绪升级，可口可乐的业务是否受到影响？公司是否已制定应对风险的计划？

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Yes, thanks for that question. Unfortunately, this is not the first time we've had to navigate a complex environment and at times, anti-U.S. sentiment, and nor in all likelihood will it be the last. But our priority is building for the long-term prosperity of our brands and company in all the markets we operate. And in fact, over the nearly 139 years, we've been able to successfully navigate many challenges and market volatility, including anti-U.S. sentiment because we follow an all-weather strategy.

是的，感谢您的提问。不幸的是，这并不是我们第一次面对复杂环境以及时而出现的反美情绪，而且很可能也不会是最后一次。但我们的首要任务是在所有运营市场中推动公司和品牌的长期繁荣。事实上，在近 139 年的发展历程中，我们凭借“全天候”战略成功应对了多种挑战和市场波动，包括反美情绪。

And so as I talked about in one of the earlier questions, whilst we are a global company and a truly iconic brand, the profound localness of the operation, as I said, it's local factories staffed by local workers with locally sourced ingredients distributed through local networks, this localization is a strong insulation when these sorts of problems occur.

如我在此前问题中所述，虽然我们是一家全球化公司、拥有真正标志性的品牌，但我们的运营具有深刻的本土属性：在当地工厂、由当地员工、使用当地原料、通过当地网络配送。这种本土化在出现类似问题时提供了有力的“隔热层”。

So generally, what happens in these situations is we mitigate the risks and the impact to our business by promoting and proactively ensuring that the whole cross-section of society from consumers to the government to all sorts of other stakeholders understand how local and how important to the economy and the community our Coca-Cola bottling partners are.

在此类情况下，我们通常通过积极宣传并确保从消费者到政府及其他利益相关方的社会各界了解：我们的可口可乐装瓶合作伙伴是多么本土化、对经济和社区有多重要，从而降低风险并减轻业务影响。

And by doing this and reminding them about the brands they love, we see that we are able to bounce back sometimes slower than we'd like, sometimes at a reasonable pace, we can bounce back and recover from these events. And we obviously remain committed to doing that, and we deploy this as and when needed. I think it's an unfortunate feature of the world we're in, but we absolutely believe we have the experience, the learnings and the agility to move these best practices around the world as and when needed.

通过上述做法并提醒大家对所钟爱的品牌的情感，我们发现自己能够从这些事件中复苏——有时比我们期望的慢，有时则相对迅速。我们显然会始终坚持这一做法，并在必要时随时部署。我认为这是当今世界的一个遗憾现实，但我们完全相信自己具备经验、洞见与敏捷性，可在全球范围内因地制宜推广这些最佳实践。

Jennifer, next?

Jennifer，下一个？

Jennifer Manning Corporate Secretary, Senior VP & Associate General Counsel of M\&A/Strategic Transactions

Jennifer Manning 公司秘书、高级副总裁兼并购与战略交易副总法律顾问

Mr. Chairman, this will be our last question submitted by Mr. \[ Kirsch ]. Given the importance of dividends to many shareowners like myself, could you please share more about your cash allocation strategy related to dividends compared to other business needs?

主席先生，这是 \[Kirsch] 先生提交的最后一个问题。鉴于分红对包括我在内的许多股东的重要性，能否详细说明贵公司在分红与其他业务需求之间的现金分配策略？

James Quincey Chairman & CEO

詹姆斯·昆西董事长兼首席执行官

Thank you. Great question. I certainly appreciate the importance of this topic to shareowners. We have had and still have a steadfast commitment to reinvesting back in our business and returning cash to shareowners. It's certainly been the defining characteristic of our capital allocation strategy. Just to reiterate what that strategy is, first and foremost, we're going to reinvest the business with all the organic spend that goes through the P\&L and the CapEx that goes through the balance sheet to drive the sustainable growth of our business. That's always going to be our first priority.

谢谢，这是个好问题。我非常理解这一议题对股东的重要性。我们始终坚定不移地把资金再投资于业务并回馈股东，这一直是我们资本配置策略的核心特征。重申一下：首先，我们会通过损益表中的日常开支及资产负债表中的资本支出，将资金投入业务，再投资始终是我们的首要任务，以推动业务的可持续增长。

Second, as we have done for 63 consecutive years, we're going to look to sustain and increase the dividend. And then with the remaining capital, we'll have a number of options. Certainly, there'll be sporadic opportunities to engage in consumer-focused M\&A, a little like we talked in one of the earlier questions. And with any remaining capital, we can look at share repurchases or holding on to the cash by paying down debt. But we absolutely remain committed to prioritizing business investment first to drive the long-term growth whilst, of course, all supporting the dividend growth for our shareowners.

其次，正如过去 63 年连续所做的那样，我们将维持并提升股息。随后，对于剩余资金，我们有多项选择：一方面，是抓住与消费者相关的并购机会，如之前问题所述；另一方面，如资金仍有结余，可用于回购股票或偿还债务以持有现金。但我们始终坚持“业务投资优先”，在支持长期增长的同时，自然也会持续提升股东分红。

Perfect. That was the last question. Okay. Thank you very much. That concludes our question-and-answer session. The polls are now closed. I would like to thank everyone who took time today to participate in our meeting. That concludes our shareowner meeting for this year. Thank you very much. Stay safe, and have a great rest of your day.

非常好。这是最后一个问题。好的，非常感谢。问答环节到此结束。投票现已截止。感谢所有今天抽出时间参会的人士。今年的股东大会到此结束。非常感谢大家，祝各位平安，度过美好的一天。

Operator

主持人

This concludes the meeting. You may now disconnect.

会议到此结束。您现在可以断开连接。

2025-04-30 Coca-Cola.Annual Meeting of Shareowners

2025-04-30 Coca-Cola.Annual Meeting of Shareowners

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