Business Context and Reporting Period
This Form 8-K is a current report filed by The Coca-Cola Company (KO) on December 20, 2021, regarding an event that occurred on December 17, 2021. The filing addresses corporate governance changes, specifically the expansion of the Board of Directors and the election of a new director.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel and governance matters.
Material Changes
- Board Expansion: The Board of Directors increased its size to 12 members.
- New Director Election: Herbert A. Allen III was elected as a Director.
- Committee Assignment: Mr. Allen was appointed to the Finance Committee, effective immediately.
Compensation and Governance Details
Mr. Allen is participating in The Coca-Cola Company Directors' Plan. His 2021 compensation is prorated and consists of:
- Cash: $90,000 paid in quarterly installments.
- Deferred Share Units: $200,000.
The filing states there are no transactions requiring disclosure under Item 404(a) of Regulation S-K and no undisclosed arrangements regarding his selection. A press release announcing the election is attached as Exhibit 99.1.
Investor Verification Checklist
- Verify the full text of the press release (Exhibit 99.1) for additional context on Mr. Allen's background.
- Review the Company's 2021 Proxy Statement (filed March 4, 2021) for the complete terms of the Directors' Compensation Plan.
- Confirm the updated Board composition and committee assignments in subsequent filings or the Company's investor relations website.